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(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-After considering relocation options throughout the county, NNR Global Logistics USA Inc. has renewed an 86,000-sf lease at AMB Beacon Centre, a 2.3-million-sf industrial park located at 8323 NW 12th St. Local brokers say the lease represents the strength of the Airport West submarket, which the latest Cushman & Wakefield reports says outperforms all others in the region.

“Although they had a lot of options for relocation, the fact that we have such excellent proximity to the Miami International Airport cargo area and ongoing cosmetic upgrades, they decided to stay,” says George I. Pino, vice president with Flagler Real Estate Services, which represents the landlord. Jason Tresslar, senior associate with Coral Gables-based Flagler also represented AMB in the five-year lease transaction, while Steve DiGiacomo of locally based DiGiacomo Group represented the tenant.

NNR is a provider of air and ocean freight, Customs brokerage and third-party logistics services. The company’s lease renewal keeps AMB Beacon Centre at 97% occupancy. The deal follows the biggest transaction of the quarter, a 118,897-sf, $6-million lease signed by Interport Services and B America Corp. at the same park in late August.

According to Cushman & Wakefield, 61.6% of all Miami-Dade industrial deals in the last nine months have taken place in the Airport North and Airport West submarkets. Flagler’s Pino and Tresslar have completed approximately 300,000 sf of lease transactions in the Airport West market since summer alone.

“Airport West vacancy has shrunk to 5.7% from 6.4% a year ago,” Wayne Ramoski, senior director of Cushman & Wakefield, writes in the brokerage’s third-quarter Miami industrial report. Average rental rates in the submarket are at $8.46 per sf, while Miami-Dade’s average is at $7.13. The biggest industrial sale within the county also took place here when AEW Capital purchased a 116,000-sf building at 2525 NW 82nd Ave. for $13.8 million, according to the report.

The submarket’s location in close proximity to the Miami International Airport and the Port of Miami decreases transportation costs, making it attractive to distribution and logistics companies, local brokers agree. “These properties that are located nearby will traditionally do well even when we have economic challenges,” Pino tells GlobeSt.com. However, there are vacant spaces facing challenges within the submarket, he says, including those over 50,000 sf. “To get the bigger deals done the landlords have to get very creative,” he says, adding that because of this fact, concessions from landlords are much more prevalent than they have been over the last two years.

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