Why Doral Needs More Industrial Space Now

MIAMI—The industrial market keeps getting tighter in Miami. Another building is nearing fully capacity.

CBRE has secured a tenant in one of the remaining spaces in the DCT Commerce Center, two new class A industrial buildings in the Pan American West Business Park. That brings the industrial park to 95% occupied.

Pro Ag CHB Logistics, an importer/exporter, signed a seven-year lease on 44,000-square-feet at 1800 Northwest 133rd Avenue. The company is scheduled to occupy the new facility in September 2013.

Pro Ag is expanding from its 32,000-square-foot space at 10914 Northwest 33rd Street to Building B in DCT Commerce Center, the second of two newly constructed 167,000-square-foot buildings. CBRE represented the tenant as well as the landlord, DCT Industrial.

According to CBRE, the transaction points to the continued demand for class A industrial/warehouse space in the busy Airport/Doral submarket. CBRE Research reports a 7% vacancy and average asking lease prices of $9.45 per square foot in the first quarter of 2013.

“There has been a continued flight to quality in the industrial sector, and this property offers all of the key amenities, such as enhanced security, that sophisticated tenants need to operate efficiently,” says Devin White, vice president with CBRE, who represented the tenant. David Albert, senior vice president; and Andrew Lehrer, associate, were also involved in the deal.

DCT Industrial broke ground on the project in May 2012. Shortly thereafter, CBRE arranged two long-term industrial leases totaling 273,000-square-feet—150,000 in Building A, 123,000 in Building B—with forwarding and logistics giant DB Schenker. That deal brought the property up to 80% leased prior to completion.

Building A was completed in January 2013 and Building B was completed in April 2013. Both DCT Commerce Center buildings feature 28' clear ceiling heights, T-5 lighting, ESFR sprinkler systems, 40-foot x 42-foot typical column spacing, three dock height doors per bay, and a 180-foot secured truck court with concrete aprons.