Beacon Centre, a class A business park located at Northwest 25th Street and Northwest 84th Avenue in Doral, is 100% leased.
Ownership just secured two new, long-term leases totaling 40,000 square feet to new-to-market tenants. Transwestern senior vice president Thomas Kresse, senior managing directors Walter Byrd and Ben Eisenberg, and senior associate Carlos Gaviria represented an institutional real estate manager in the transactions.
Beacon Centre spans 425,000 square feet.
“Continued commercial and residential development along with a strengthening economy is fueling complementary business growth,” Kresse tells GlobeSt.com. “The newest leases at Beacon Centre allow for the new-to-market companies to take advantage of a synergistic location of commerce.”
Next Plumbing Supply signed a new, long-term lease for 25,000 square feet. Steve Levine of Savills Studley represented the tenant. Emser Tile signed a new, long-term lease for 15,000 square feet. Audley Bosch of Cushman & Wakefield represented the tenant.
Market reports indicate that Miami’s industrial market gained 351,737 square feet of positive absorption in the first quarter of 2016. Growth in residential construction, e-commerce, and trade with Latin America fueled much of the growth. The recent transactions at Beacon Centre will bring 40,000 square feet of positive absorption to the market as these leases mark each tenant’s first location in Miami-Dade County.
“We continue to see strong demand from tenants in the 10,000 to 30,000 square foot range that want to be located in the core of Doral in class A business parks with solid institutional ownership,” says Kresse. “Beacon Centre’s location, curb appeal, and access to the major thoroughfares played an important role for both tenants in the decision-making process.”