Wholesale Group has just inked a new long-term lease for 88,680 square feet at the Doral Logistics Center in Airport West market, Transwestern, which represented the owner in the deal, announced today. According to GlobeSt.com, the Class A industrial space at 2900 Northwest 112th Avenue in Doral spans 174,024 square feet, currently broken into two separate user spaces.
Transwestern managing directors Walter Byrd and Ben Eisenberg and senior vice president Thomas Kresse represented the building’s owner, Seagis Property Group. Frank Trelles of WestVest represented the tenant.
When contacted by The Real Deal, Kresse declined to give specific information about the terms of the lease or rents at the building.
The premises will house Wholesale’s expanded office and logistics operations and the lease includes a truck yard.
“This transaction is a true reflection of today’s strengthening market conditions,” Kresse told GlobeSt.com. “The demand for industrial space continues to outpace other sectors. As vacancy rates drop, lease rates have begun to increase. This has led numerous institutional owners to seriously explore the option of constructing new supply.”
He also observed that Doral/ Airport West was outperforming other areas, and while the overall market had picked up over the last few months, the number of 50,000-square-foot to 80,000-square-foot users had been particularly impressive. [GlobeSt]