February 15, 2018
MIAMI – Transwestern’s South Florida industrial team today announces it secured a long-term lease renewal for 72,199 square feet with Feeding South Florida at Seneca Industrial Park, an 885,000-square-foot, Class A distribution and warehouse park at 2500 SW 32nd Ave. in Pembroke Park, Florida. Feeding South Florida is a nonprofit food bank and leading domestic hunger-relief organization in South Florida.
Transwestern Senior Vice President Thomas Kresse, Senior Managing Directors Ben Eisenberg and Walter Byrd, and Senior Associate Carlos Gaviria represented the landlord, TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), during the transaction.
“Seneca is centrally and strategically situated at the Broward County and Miami-Dade County border with direct access to Interstate 95, making it a desirable location for tenants,” said Kresse. “This, coupled with a longstanding landlord-tenant relationship, were strong factors in the tenant’s decision to renew the lease.”
The team also facilitated a new 15,000-square-foot lease with D&B Tile and a 23,000-square-foot lease renewal with Aspex Eyewear for a total of 110,199 square feet of lease agreements recently completed at Seneca Industrial Park.
Miami-Dade’s industrial market boasts a vacancy rate of 4.6 percent, which registered among the lowest in the nation during fourth quarter 2017, according to research by Transwestern. The low vacancy rate was directly impacted by the market’s healthy annual absorption of 1.75 million square feet.
Devin White and Tom O’Loughlin, Senior Vice Presidents with CBRE, represented Feeding South Florida.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region, follow @TranswesternSE.