Cargo transport company King Ocean Services is relocating and expanding within Miami, taking 157,528 square feet in the Airport West submarket.
The ocean transport company signed a long-term deal to occupy an entire building at the Prologis Beacon Lakes industrial park. The building, located at 13155 NW 19th Lane, is currently under development and scheduled for completion in the fall of 2022.
King Ocean is relocating from within the same business park, and the new lease marks an expansion of 53,000 square feet. The company serves the Caribbean, Central and South American regions.
Prologis Beacon Lakes is a 600-acre business park owned by industrial giant Prologis, located west of Miami International Airport. The location gives tenants direct access to three freeways, the airport and the Port of Miami. Asking rents within Beacon Lakes range from $12 to $14 per square foot, according to Avison Young, which brokered the deal.
With bottlenecks in Los Angeles ports causing weeks of delay to the East Coast, more companies are looking to South Florida as an alternative. That’s led to an incredibly strong industrial market in the region, with vacancy at just 4.4 percent in the last quarter, the lowest it has been since 2018, per Avison Young.
Avison Young’s Wayne Schuchts and Bobby Benton represented the tenant with State Street Realty‘s Ed Lyden.
Source: Commercial Observer