Expanded renewals full Aventura Industrial Center
By Yudislaidy Fernandez
Two major industrial tenants have signed expansion and renewal leases totaling 302,825 square feet at the Aventura Industrial Center, leading the property to 100% occupancy.
The two-building property at 555 NE 185th St. in Aventura accommodated the growth of DFASS Group, a leader in duty-free retail for clients in the travel industry, and food distributor Kansas Marine Co., a major supplier to the cruise industry.
DFASS Group took an extra 52,770 square feet, bringing its total occupancy at the industrial property to 193,558 square feet.
Kansas Marine expanded its current lease by 30,709 square feet, now occupying 109,267 square feet.
Each deal, which run for five to seven years, took about eight months to put together, but conversations went on for about a year, said Wayne Ramoski of Cushman & Wakefield's Miami Industrial Team.
The team, also comprised of Brian Smith and Audley Bosch, represented owner Principal Real Estate Investors in marketing the available industrial space. It also worked on behalf of tenant DFASS Group to expand.
Kansas Marine was advised by Gordon Messinger of Terranova Corp. in its deal.
Located in the north part of the county, Aventura Industrial Center offers these industrial tenants immediate access to Interstate 95, State Roads 826 and 441 and the Florida Turnpike.
The Aventura location serves as corporate headquarters for DFASS Group, a specialty retailer that supplies duty-free products. Kansas Marine is a food supplier to major cruise lines.
"The two are leaders in the industry," said Mr. Ramoski, an executive director at Cushman & Wakefield. "They are capitalizing on their position in the market and they are expanding."
The tenants expanded into 85,000 square feet of available space, he explained, that was previously occupied by a tenant that encountered financial difficulties and exited the market.
"It worked out well for both of them," he said, "because they were both looking to expand."
If Miami-Dade's industrial leasing activity continues at a healthy pace for the remainder of the year, Mr. Ramoski said, rental rates could spike by the fourth quarter.
"We think the market, as well as some of these new developments coming online, are going to push rental rates," he said.
So far this year, Cushman & Wakefield's industrial team has completed north of 600,000 square feet of deals.
"There has been a visible pickup in demand for industrial space in Miami-Dade, particularly for larger spaces," Mr. Ramoski said. "Tenants are seeing the light at the end of the tunnel and realize it is an opportune time to make commitments."
The strength of Miami's national and international industrial businesses is helping the market recover quickly, with significant activity taking place in the last three quarters.
"We think the industrial market has hit bottom," he said, "with respect to rents and occupancy."
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