CEVA Logistics Renews More Than 360,000 SF Lease in Miami
At year-end 2018, the Miami-Dade industrial real estate market saw net absorption of 1.3 million square feet for the year and a 4.5% overall vacancy rate.
MIAMI—CEVA Logistics has signed a major lease renewal totaling 364,608 square feet at 5601 N.W. 72nd Ave. in Miami.
The deal brokered by Transwestern Commercial Services on behalf of landlord Clarion Partners, involves a lease for the entire building located near Miami International Airport.
Transwestern Commercial Services South Florida industrial team of managing director Thomas Kresse, executive managing directors Ben Eisenberg and Walter Byrd, and VP Carlos Gaviria provided industrial leasing services on behalf of Clarion Partners. CBRE’s Devin White represented CEVA Logistics in the transaction.
“By fully occupying the Miami industrial building, CEVA retains its premier location near Miami International Airport and the city’s major thoroughfares,” said Byrd. “Clarion Partners’ property continues to meet CEVA’s needs for space, functionality, efficiencies, and locational connectivity in the tight industrial market.
The major retention deal highlights the strong Miami industrial market. TCS notes that Miami remains one of the nation’s most sought-after industrial markets with low single-digit vacancy and demand particularly focused in the Medley, Hialeah, and Miami Airport areas. At year-end 2018, the Miami-Dade industrial real estate market saw net absorption of 1.3 million square feet for the year and a 4.5% overall vacancy rate.