Doral continues to attract tenants requiring significant square footage to grow. The latest company to make the move is Esquire Logisitics Inc., a leading provider of warehouse logistics, airfreight, and white-glove shipping. The new lease for 44,160 square feet was negotiated by Transwestern’s South Florida industrial team
The tenant will relocate from Hialeah to Miami International Commerce Center (MICC), a 3.5 million-square-foot industrial park at 8272 NW 21st St. in Doral, Florida.
Transwestern Senior Managing Directors Walter Byrd and Ben Eisenberg, Managing Director Thomas Kresse, and Vice President Carlos Gaviria facilitated the transaction on the heels of the recently announced 50,000-square-foot lease signed at MICC by AAR Aircraft Services. Totaling 94,160 square feet, both deals were completed by the team in less than two weeks.
“Despite its low vacancy rate, the Miami Airport West area, which includes Doral, continues to attract tenants with specific space requirements due to being Miami-Dade’s largest industrial submarket with more inventory overall,” said Byrd.
According to market research by Transwestern, industrial vacancy was in the low single digits in nearly all of Miami-Dade’s submarkets, including Hialeah at 4.4 percent and Miami Airport West/Doral at 4.1 percent as of first quarter 2018. Total available space in Hialeah was 917,840 square feet, while 2.8 million square feet was available in the Miami Airport submarket, which experienced the strongest demand.
“Esquire Logistics needed a space where functionality meets fiscal efficiency, and the market for this product is particularly tight,” said Gaviria. “We were able to identify and secure a facility in a good location with abundant loading positions, which will allow our client to provide a higher level of service, the single-most important goal it strove to achieve from the beginning.”
The landlord, PS Business Parks, was represented by its own Jorge Suarez and Rich Guertin.
Transwestern is a privately held real estate firm specializing in agency leasing, tenant advisory, capital markets, asset services and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate.
For information, visit www.transwestern.com and @Transwestern.