Transwestern’s South Florida industrial team today announced it facilitated a new 38,900-square-foot lease for the relocation and expansion of TMC Engine Center at Lucky Industrial Park, located at 8545 NW 79th Ave. in Medley.
Transwestern Senior Managing Directors Walter Byrd and Ben Eisenberg, Senior Vice President Thomas Kresse, and Senior Associate Carlos Gaviria represented the Florida-based FAA Repair Station in the transaction.
The tenant relocated from a smaller multitenant facility in Medley to a high-quality, freestanding building, picking up nearly 10 percent more total square footage and saving on annual rent costs. Additionally, due to the facilities’ previous tenant use as an FAA Repair Station, the space had much of the necessary infrastructure in place, allowing TMC Engine Center to save on initial setup expenses and moving time.
According to Transwestern’s first quarter 2017 research for Miami-Dade County’s industrial market, demand remains strong and vacancies are still near historic lows.
Medley continues to have low overall vacancy rates of 4.5 percent, suggesting Medley is a prime location for both new and existing tenants.
“TMC Engine Center’s new location was undeniably the right move due to the improved operating efficiency, increased prestige and the overall cost savings afforded by the new facility,” said Gaviria. “The functionality of its new freestanding building and the pre-existing infrastructure enhances the company as it grows throughout Florida and beyond.”
FAA Aviation Repair Stations such as TMC Engine Center play an essential role in South Florida as Miami International Airport, only minutes away from TMC Engine Center’s new facility, has seen tremendous growth over the last several years in terms of the number of passengers and flights, according to recent research by Miami International Airport.
Vivo Group represented the landlord, Lucky Industrial Park, Inc.