Transwestern Real Estate Services (TRS) announces its South Florida Industrial team negotiated a 44,101-square-foot, five-year lease renewal for a multinational distribution company at 7120 NW 74th Avenue in Miami. Transwestern’s Carlos Gaviria, Thomas Kresse, Walter Byrd, and Ben Eisenberg represented building owner Terreno Realty Corporation in the transaction.
“As tightening market conditions shrink viable industrial options in Miami, companies are having more difficulty finding space,” said Gaviria, a Vice President at Transwestern. “The tenant saw the continued value in the property’s size, quality and location,enabling our team to negotiate favorable terms for both parties.”
According to Transwestern research, the Miami Airport industrial submarket has an overall vacancy rate of 1.7% as of the first quarter of 2023,and average rents have grown 33% since the first quarter of 2022.
Transwestern’s South Florida Industrial team provides creative solutions that maximize real estate value through a sophisticated and proven methodology that helps meet and exceed financial objectives. With nearly 100 years of combined experience, the team uses deep market knowledge and industry expertise to uncover hidden opportunities and capitalize on shifting market dynamics.
Cushman & Wakefield’s Skylar Stein represented thetenant in the transaction.
