Transwestern Arranges 365 KSF Lease Renewal in Miami

5601 N.W. 72nd Ave. Image courtesy of Transwestern

CEVA Logistics has signed a long-term lease renewal with Clarion Partners for the entire 364,608-square-foot industrial building in Miami’s Airport North submarket. A Transwestern team comprising Executive Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse and Vice President Carlos Gaviria negotiated the lease on behalf of the landlord, while CBRE Senior Vice President Devin White CBRE represented the tenant.

According to Miami-Dade County records, the facility located at 5601 N.W. 72nd Ave. was built in 2003. The current owner, Clarion Partners, purchased the asset in 2006 for $43 million. The property is adjacent to the Hialeah Rail Yard, less than 3 miles from Interstate 27 and roughly 7 miles from Miami International Airport, in one of the most sought-after industrial markets, according to a Transwestern market research. At the end of last year, the same report shows that Miami-Dade industrial market experienced a net absorption of 1.3 million square feet and a 4.5 percent overall vacancy rate.

Last month, a CBRE team worked with the seller in the $35 million disposition of a 224,572-square-foot logistics facility in Pembroke Pines, Fla.

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