MIAMI—As occupancy rises on Miami industrialbuildings, another space is reporting no vacancy. Prologis BeaconLakes Business Park is now 100% occupied.

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State Street Realty just brokered a lease for41,704 square feet at Building 6 and 41,307 square feet atBuilding 7 at the park to Professional Technology Repairs. With the83,011 square feet of industrial space leased, theAirport West submarket buildings are fully occupied.

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State Street executive vice president Ed Lydenand president George Pino represented thelandlord, Prologis. Wes LaPraddof Beacon Commercial Realty represented thetenant.

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“We have seen a robust interest in the Airport West/Doralsubmarket, which is a direct correlation to the positive attributesof the area and a healthy indication some industry sectors arerebounding,” says Lynden. “The increased demand for class Adistribution space in the Miami Airport submarket has reducedsupply to a point where the market is experiencing an uptick inlease rates specifically for industrial space under 30,000 squarefeet which has a vacancy rate of only 2.5%.”

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Located at the Florida Turnpike and Northwest 25 Street,Prologis Beacon Lakes Business Park is a class A distributionwarehouse park in the heart of the Airport West submarket. Prologisis the largest landlord of industrial warehousespace in the Airport West area.

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According to Lyden, the industrial assets' prime location nextto the Florida Turnpike, Dolphin Expressway, Miami InternationalAirport, and Port of Miami, efficient building specifications werekey factors in attracting the tenant. He also cited qualityproperty management, top-class amenities and stable institutionalownership.

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“The tenant had numerous options,” Lyndon says. “But as theindustrial sector continues to strengthen in theMiami Airport West submarket, tenants will want to lease space fromLandlords like Prologis that can provide tenants immediate growthflexibility for their business.”

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Meanwhile, investor interest in South Floridaindustrial spaces is intensifying. The ink isdrying on transactions larger and small. The two latest examplesare a 271,000-square-foot warehouse sale in North Dade and a41,000-square-foot industrial building in theMedley submarket.

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“Strong fundamentals for Miami-Dade's industrial market aremaking it very desirable for both institutional investors and endusers to invest, as these latest transactions indicate,” saysJLL managing director SteveMedwin. “We expect investor appetite to remain strong forquality industrial assets in the region over the comingmonths.”

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