May 11, 2023
MIAMI – 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 Ave. 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 the tenant in the transaction.
An image is available for download here.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.