MIAMI-With the signing of a 32,000-sf lease by electronics distribution firm SED International, the 2.3-million-sf Beacon Centre is 100% occupied, Flagler Real Estate Services vice president George Pino tells GlobeSt.com. "Leasing has been strong at Beacon Centre, but it's been a long time since we've hit that benchmark," Pino says.
Pino represented the owner, AMB Property Corp. SED International was represented by Steve Digiacomo, of Doral-based Digiacomo Group. The long-term lease was valued at $1.5 million. SED, which will occupy Building 2, will use the space for the distribution of electronics.
Pino says SED International considers other locations within the Miami Airport submarket, but decided upon this space due its close proximity to the airport and the quality of the building. "We made some minor modifications to the building so it better served their needs," he says.
The lease is indicative of the strong leasing activity in recent months in the Airport submarket. Pino estimates that rental rates have risen 15% to 20% over the past 18 months. He adds that the estimated 11 million sf of class A warehouse/distribution space in the submarket is currently 95% occupied. "I've worked in this area for 13 years and this is the most active and tightest market I've seen in years," he says.
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