November 12, 2018
Miami – Transwestern’s South Florida industrial team today announces it secured a 44,101-square-foot lease renewal with Univar USA at a 64,086-square-foot industrial building at 7120 NW 74th Ave. in Miami. Transwestern’s Senior Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse, and Vice President Carlos Gaviria facilitated the transaction on behalf of Terreno Realty Corp., which the team also represented during the asset acquisition in December 2016.
“Univar USA occupies more than two-thirds of the building situated in Miami’s Airport North submarket,” said Eisenberg. “The tenant’s decision to remain at its current location shows that many users value well-located, Class B industrial properties over new Class A construction with higher rental rates.”
According to market research by Transwestern, Miami remains one of the nation’s tightest industrial markets, with vacancy consistently below 5 percent since 2015, reaching as low as 4.1 percent in the past year.
Devin White of CBRE represented Univar, a leading distributor of industrial and specialty chemicals.
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, Asset Services, Occupier Solutions, Capital Markets 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. Transwestern has 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.