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MIAMI-Interamericana Transport has increased its industrial space here by 63% through a new 74,836-sf lease valued at $3.5 million to $4 million. A specific value of the long-term lease was not disclosed. However, the gross average rental rate for industrial space in the Airport West submarket, according to Codina’s third-quarter industrial report, was $7.59 per sf.

The lease, at 11200 N.W. 25th St. at [email protected] Tradeport, Building 1, represents a renewal of 45,780 sf and an extra 29,056 sf. The entire building is 95,000 sf. That facility will be used for the distribution of Volkswagon, Volkswagon trucks and Audi automobile parts to the Caribbean and South America, Carter Hopkins, the broker who represented the tenant, tells GlobeSt.com.

“They were just looking to better serve their clients in South America and the Caribbean by having more parts available,” says Hopkins, who was with Cresa Partners in the early stages of the deal and is now with Trammel Crow in South Florida.

Jose I. Juncadella, David Spillers and George Pino of Codina Realty Services Inc. ONCOR International, who represented the property owner, Tradeport Ltd., tell GlobeSt.com that the space was necessary for the company to handle growth of its current and future business.

“It is an important deal because the leasing market has been relatively slow with deals 20,000 sf and higher,” says Pino. “The tenant expanded into contiguous space, which is a benefit of doing business with a loandlord that controls large amounts of warehouse space.”

Interamericana Transport’s main business is as a wholesaler for Volkswagon, Volkswagon trucks and Audi automobiles.

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