Transwestern’s South Florida industrial team has 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 property 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.