Doral, FL – November 10, 2011 – (RealEstateRama) — Codotrans, Inc. is relocating and expanding to Beacon Centre with new lease agreement for 41,990 square feet. The cargo logistics firm is increasing their footprint in Doral by approximately 17,000 square feet. Less than two miles from their existing location, the move also represents a flight to quality as they upgrade to Class A space.
“Codotrans is expanding as a result of steady business growth over the last five years, primarily from Central America and the Caribbean markets,” said Devin White, Vice President with CBRE. “Though they will not be moving into the new space until first quarter 2012, now was a good time to secure an advantageous rental rate for high demand quality space.”
Much of the positive activity experienced in Miami-Dade industrial markets has been in the Airport/Doral submarket. As of the third quarter, CBRE reports a 100 basis point drop in vacancy year over year in the Airport/Doral submarket. “Declining vacancy figures and announcements for new development are likely to push rents higher,” added White.
Beacon Centre is a Class A, 2.5 million-square-foot master planned industrial park owned by Beacon Centre Alliance, LCC, a RREEF organization.
White was joined by CBRE brokers David Albert and Ronald Marrero in providing tenant representation services to Codotrans, Inc. Operating out the Miami office, the team focuses on industrial sales and leasing in the Miami-Dade County marketplace. The landlord was represented by Thomas Kresse, a Senior Vice President with Transwestern.
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 2010 revenue). The Company has approximately 31,000 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.
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