Aircraft service and repair firm Bonus Tech has moved to a larger facility near Miami International Airport.
CBRE First VP Ron Berger represented the owner of the MIA Distribution Center at 2525 N.W. 72nd Ave. in leasing 67,000 square feet to Bonus Tech. The 107,000-square-foot building, which is owned by Abrams Llewelln II, is now nearly 100 percent occupied. Berger said the new facility will give the company room to grow.
Bonus Tech was represented by Carlos Velasquez, of Vivo Real Estate Group. The company was previously located at 1777 N.W. 72nd Ave.
Miami International Freight Solutions has signed a lease for 190,707-square-foot at the Terreno Miami Lakes Distribution Center, closing one of the biggest industrial deals of 2011.
Terms of the 7.5-year lease on the facility, at 14100 N.W. 60th Ave., were not disclosed. Miami International Freight Solutions is scheduled to move in the space in March.
The warehouse, which sits on 13.2 acres, is undergoing renovations, which is one of the reasons the new tenant chose to relocate there, said landlord representative Carlos Velasquez, senior director with Vivo Real Estate Group.
“This space, in particular, represents forward-thinking on the part of the landlord,” Velasquez said. “Terreno had the foresight to purchase and refurbish the building, fully appreciating its potential.”
Miami International Freight Solutions had been located at Centergate in Gratigny in Hialeah. The company’s exit from Centergate makes way for the leasing of 475,000 square feet of space to international promotional products company Bullet Line, a subsidiary of Polyconcept North America, said Jose Juncadella of Fairchild Partners, who brokered the original Miami International lease at Centergate in 2010.
The Bullet Line deal is one of the largest industrial leases to be closed in South Florida in several years.
Three big industrial sales in Miami Lakes bode well for the submarket’s future, but leasing activity is still down compared to two years ago, despite signs of an improved market.
Miami Lakes’ industrial leasing was 50,595 square feet in 2010, compared with 72,200 square feet in 2009 and 170,778 square feet in 2008. In comparison, the Hialeah submarket nearly doubled activity, year-over-year, to 233,237 square feet in 2010, and Airport West activity fell to 1.3 million square feet from 2.3 million square feet in 2009.
Despite its challenges, occupancy continues to be one of Miami Lakes’ strengths. Its industrial space was 93 percent occupied in 2010, down slightly from 96 percent in 2009 and 95 percent in 2010.
Stability is what draws a lot of investors to the submarket, said Rene Vivo of Vivo Real Estate Group.
San Francisco-based real estate investment trust Terreno has paid nearly $17 million for two Miami-Dade County warehouses totaling 530,000 square feet.
Jose Juncadella, managing principal of Coral Gables-based Fairchild Partners, handled the larger of the deals, brokering the $9 million sale of a 302,000-square-foot warehouse at 215 S.E. 10th Ave., in Hialeah. The building, formerly home to Lagasse Paper, sits on 10.5 acres and includes 25,000 square feet of office space, 200 parking spaces and 20-foot-high ceilings. The seller was TA Associates.
In a separate deal, Terreno paid $7.8 million for the 230,000-square-foot building that is now home to Furniture Power in Miami Lakes.
The building, at 14100 NW 60th Ave., the former Elizabeth Arden headquarters, sits on 13.2 acres. It has 40,000 square feet of office space, 600 parking spaces and 24-foot-high ceilings. Rene Vivo, of Vivo Real Estate Group, represented the seller, Miami LK FP.
In the case of the Hialeah building, Juncadella laid out a plan so that the warehouse and office space could be leased to multiple tenants. He also said the building could be expanded.
Aircraft engine service provider Turbopower plans to relocate to Opa-Locka and consolidate in a headquarters-deal worth $20 million.
Turbopower is moving from Miami Lakes to a 100,000-square foot build-to-suit facility at Opa-Locka Executive Airport. The new building will go up at AVE Aviation & Commerce Center, the master-planned business park situated on 178 landscaped acres at the airport’s western region, announced principal of Cpf Investment Group, AVE’s developer.
Under the terms of a 15-year lease agreement, Turbopower will be situated in AVE’s Building “J” at 5499 N.W. 145th St. Construction will begin in the first quarter of 2014.
“There were many synergies that led to Turbopower selecting AVE as its new headquarters, including the facility’s location adjacent to Opa-Locka Executive Airport, its strategic position in the tri-county area, and its close proximity to distribution arteries,” said Cambo, in a statement.
“We selected AVE because of its ideal location at the airport and the flexibility of local ownership to structure a transaction that worked for Turbopower,” said Rana Das, Turbopower principal, in a statement.
Turbopower provides full support services to the worldwide fleet of Rolls-Royce T56/501 Series I, II, and III engines; and total support in overhaul, maintenance, engineering services, spare parts support, and in-house training of customer personnel for the complete family of Pratt & Whitney Canada PT6 engines, among other services.
The company will be joining notable tenants at AVE, including the U.S. Postal Service, Goodyear, Banyan Air Service, SunTrade Imports, Tire Depot Velocity, Kinetic Concepts and Cintas Corporation.
Carlos Velasquez with Vivo Real Estate Group represented the Turbopower and Ernesto Casal with Casal Group represented AVE.
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