Miami, FL – May 1, 2012 – (RealEstateRama) — DCT Industrial Trust, a leading industrial real estate company, held a recent groundbreaking ceremony on the first of two buildings located in the DCT Commerce Center at Pan American West Industrial Park in Miami, Florida. CBRE is the exclusive leasing advisor for the development located in Miami’s top-performing submarket, Airport/Doral.
More than 70 industry professionals attended the groundbreaking event. From DCT Industrial, Regional Vice President Todd Watson, Vice President Mark Erler and Managing Director, East Region, Michael Ruen shared specifics on the new development and discussed intentions to expand their industrial portfolio in the Miami market.
Willy Fernandez, President with Link Construction, updated the attendees on the construction timeline. The site is pad-ready and the slab will be poured within the next week. The project delivery date is set for fourth quarter 2012.
CBRE Senior Vice President David Albert and Vice President Devin White who lead the marketing for the new development, conveyed to the brokerage community the leasing opportunities that will be available at the new project. Brokers will have another opportunity to become acquainted with the development on the upcoming NAIOP Bus Tour on May 5.
Phase I of the development is a 167,000-square-foot, Class A rear-load distribution building. Phase II is for an equal sized building parallel to the first.
DCT Commerce Center at Pan American West is positioned along NW 17th Street in Miami between NW 135th Avenue and NW 133rd Avenue. The Airport/Doral submarket is among Miami’s top-performing industrial submarkets and accounted for more than 45% of the total 1.3 million square feet of absorption in first quarter 2012, as reported by CBRE’s MarketView report.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About DCT Industrial Trust Inc. ®
DCT Industrial Trust Inc. is a leading industrial real estate company specializing in the acquisition, development, leasing and management of quality bulk distribution and light industrial properties located in high-volume distribution markets in the U.S. and Mexico. As of December 31, 2011, the Company owned interests in, managed or had under development approximately 75.5 million square feet of properties leased to approximately 900 customers, including 13.3 million square feet managed on behalf of three institutional joint venture partners. Additional information is available at www.dctindustrial.com.
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com
Communications & Media Manager, FL
lauren.crawford (at) cbre (dot) com
DCT Industrial Trust Inc.
VP, Corporate Communications & Investor Relations
investorrelations (at) dctindustrial (dot) com