MIAMI-In a sign that Miami’s industrial market is holding its gains and then some, Pas Cargo, a transportation management solutions company, has inked a long-term lease on 85,000 square feet at Doral Logistics Center. The lease brings the center, which is located at 2900 NW 112th Ave., to 100% occupancy.
Transwestern managing directors Walter Byrd and Ben Eisenberg, along with senior vice president Thomas Kresse, represented Seagis Property Group. The location, size, fenced truck courtyard and office space attracted the Pas Cargo to the class A building in the Airport West submarket.
“The Doral industrial market is one of the strongest in the United States,” Kresse tells GlobeSt.com. “Vacancy rates are near historic lows and rental rates are rising. The market has changed significantly in the last 18 months due to strong markets and trading partners in Latin America and lack of new construction.”
Transwestern leased up Doral Logistics Center in just 120 days. Pas Cargo made the move from another location in Doral because its space requirements doubled. Besides Pas Cargo, Wholesale Group also takes up space on a long-term lease in the building.
“We will see new construction beginning in the first quarter of 2012,” Kresse says. “There are at least three projects in Doral which should be ‘out of the ground’ in the next six to nine months. All of this new product is expected to be class A, state-of-the-art, efficient distribution space.”
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