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South Florida

State Street closes $5 million in Miami transactions

Prologis Beacon Lakes
Prologis Beacon Lakes

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State Street Realty closed more than 118,000 square feet of office and industrial leases in the Miami airport submarket over the last two months, totaling $4.9 million, the firm announced today. The deals were topped by a 35,160-square-foot transaction by Pacific Trading Services at Prologis Beacon Lakes. State Street’s George Pino, Ed Lyden and Jesus Cortes worked on behalf of Prologis and other landlords in the transactions. Prologis’s Miami-Dade County portfolio is now 99 percent leased, according to Peter Crovo, vice president and Florida market officer for Prologis. “The Miami Airport West industrial market has not yet reached the peak of activity pricing or occupancy, but it is certainly trending in that direction.” Pino said. “New tenants continue to enter the market to benefit from Miami’s transportation hubs and easy access to Central and South America.” — Alexander Britell

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MiamiPrologisState Street