New Lease Supports Recovery in Hialeah Industrial Submarket
Miami, FL – June 14, 2012 – (RealEstateRama) — In Miami’s booming recovery of industrial markets, Hialeah has been slow to join the movement. A new lease at 5959 NW 35th Avenue for 50,000 square feet absorbs a long-standing vacancy in the market. The transaction also supports the swift growth of freight forwarding and logistics users in Dade County.
The tenant, C-Air Brokers & Forwarders, Inc., is relocating from a 33,000-square-foot location in the Gratigny Submarket to the Hialeah Submarket and expanding by nearly 20,000 square feet in to the former Parts Depot facility at 5959 NW 35th Avenue, owned by TA Realty.
“Not only did C-Air increase their footprint by 55%, the space that C-Air relocated from was immediately backfilled by a tenant with expansion needs. This activity represents real growth and true absorption in the market,” said Devin White, Vice President with CBRE in Miami.
The location is ideally suited for C-Air, featuring a private and secured truck court and offering convenient accessibility to major thoroughfares and Miami International Airport.
Despite strong overall market activity, the Hialeah industrial submarket has been slow to recover. As of first quarter 2012, the submarket vacancy stood at 12.2%, compared to the overall average of 6.2% vacancy, according to the CBRE Miami Industrial 1Q 2012 MarketView. The freight and transportation industry is among the leading industries fueling Miami’s commercial real estate industry.
White was joined by David Albert in providing tenant representation services to C-Air Brokers & Forwarders, Inc. TA Realty was represented by Bob Comunale and Steve Jones from Industrial Group Realty.
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.
Contact:
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