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Miami Today - Freight Forwarder Expands |
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South Florida Business Journal - Just In Time Service Relocates |
As seen in South Florida Business Journal
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Daily Business Review - Brokers Keep Logistics Firm Focused on $8 million Lease |
As seen in Daily Business Review
Brokers keep logistics firm focused on $8 million lease
November 30, 2011
Dealmakers: George Pino, Ed Lyden, Hector Catano and Frank Trelles
The Deal: International freight forwarding and operational logistics firm Just In Time Services signed a long-term lease to occupy 54,000 square feet within a 85,003-square-foot industrial facility at 11380 NW 34th St. in Doral. The facility is part of the Prologis Miami Industrial Business Park, which is owned by major industrial landlord, Prologis. The lease, which was finalized Nov. 22, is valued at more than $8 million.
Details: Just In Time occupies 60,000 square feet in two nearby facilities in Doral. The new lease includes an expansion option after 16 months that would allow the company to occupy the entire Prologis facility.
Competition among local landlords for Just In Time was so fierce that the brokers feared the deal was on “life support” on numerous occasions, Pino said. “We had to work very hard to keep the tenant focused on this particular property,” he said. “Other properties would come back to the table time and time again.” The ability to consolidate its operations under one roof – and the flexibility for a growing company to expand if necessary – were critical to Just In Time’s decision to commit to the Prologis-owned facility. If the company exercises its expansion option, the business park would be fully occupied, according to Pino.
Background: Pino is president, and Lyden senior vice president, of Miami-based State Street Realty. They represented Prologis. Catano is senior vice president and Trelles vice president of Doral-based WestVest Associates. They represented Just In Time Services.
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Florida Real Estate Journal - State Street closes 54,000 SF Lease |
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The Real Deal - Freight Firm Signs $8 Million Lease at Prologis Miami |
FREIGHT FIRM SIGNS $8 MILLION LEASE AT PROLOGIS MIAMI
November 29, 2011 By Alexander Britell /uploads/realdealjustintime.jpgJust In Time Services, an international freight forwarding and logistics firm, has signed a 54,000-square-foot lease at Prologis Miami Industrial Business Park. The total value of the lease at 11380 NW 34th Street in the Miami Airport West submarket is around $8 million, according to frank Trelles of Westvest Associates, who represented Just in Time. Prologis was represented in the deal by State Street Realty President George Pino and Ed Lyden, a senior vice president, in the deal for the property. Pino opened his own firm, State Street Realty, earlier this year bringing Lyden with him from Flagler Real Estate Services. The terms of the lease include an option to expand to 85,000 square feet after 16 months, with a “good chance” that will happen, according to Pino. The building is a total of 85,000 square feet. “It’s getting tougher to find good deals, and vacancies are dropping quickly, especially in the good Class A buildings,” Trelles said. “It’s weird what’s going on in the market, because lease rates have gone up almost 15 percent, but the economy hasn’t really improved.” Just in Time is expanding from its 30,000-square-foot space at 11450 NW 34 Street. It was originally looking for an additional 20,000 square feet of temporary space to expand, but ultimately chose to consolidate in the bigger space at Prologis, Trelles said. Airport West continues to be a strong player in Miami-Dade County’s industrial market, although the city of Medley has been gaining strength, Pino said. “The market is continuing to strengthen, and the Miami Airport West market is outperforming the other submarkets right now in terms of leasing rates and activity – but I can also say that my biggest competition to land this deal was in Medley,” he said. The sweet spot for the Airport West submarket is the 20,000 to 30,000 square-foot range, Trelles said, with little Class A space of that size left on the market. “A lot of companies are not expanding but reducing [space], so this was a good one,” Trelles said. |
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Press Release - State Street Realty Closes a 54,000SF Lease With Just In Time Services, Inc. |
P R E S S R E L E A S E
FOR IMMEDIATE RELEASE
Media Contact:
Cecilia Pino
Ph: 305-788-3162
Email: cpino@statestreetre.com
STATE STREET REALTY CLOSES A 54,000 SF LEASE WITH
JUST IN TIME SERVICES, INC. AT THE PROLOGIS MIAMI INDUSTRIAL BUSINESS PARK
Lease is One of The Largest Transactions Completed in the Miami Airport Area for 4th Quarter 2011
Miami, Fla. – (November 27, 2011) – State Street Realty, a Miami based brokerage and advisory firm has leased a 54,000 square foot industrial space which brings Just In Time Services, Inc., an international freight forwarding and operational logistics company, to the Prologis Miami Industrial Business Park located within the Miami-Airport West submarket.
State Street Realty President George Pino, RPA and Senior Vice President Ed Lyden, represented the landlord, Prologis. Just In Time Services Inc., was represented by Frank Trelles of Westvest Associates.
Located at 11380 NW 34 Street, Miami Industrial Business Park is a Prologis-owned secure distribution warehouse facility in the heart of the Miami Airport West submarket. Prologis is the largest landlord of industrial warehouse space in the Miami Airport West area. According to Pino, the property’s prime location next to the Miami International Airport and Port of Miami, efficient building specifications, quality property management, top-class amenities and stable institutional ownership were all attractive elements that brought the tenant to the property. Pino stated, “The tenant had numerous options but as the industrial sector continues to strengthen in the Miami Airport West submarket, tenants will want to lease space from landlords like Prologis that can provide tenants immediate growth flexibility for their business.”
State Street Realty’s office is based out of Beacon Centre Business Park located at 8355 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.
About State Street Realty
State Street Realty is a Miami-based brokerage and advisory firm that specializes in representing real estate owners, investors and occupiers of commercial real estate throughout South Florida. Offering more than 60 years of combined industry experience, State Street Realty caters to corporate, private and institutional clients and has been named the exclusive leasing agency on a portfolio that consists of more than four million square feet of commercial space throughout the region. For more information, visit www.statestreetre.com
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Press Release - State Street Realty Brings Prologis Beacon Centre Warehouses to Full Occupancy |
P R E S S R E L E A S E
FOR IMMEDIATE RELEASE Media Contact: Cecilia Pino Ph: 305-788-3162 Email : cpino@statestreetre.comSTATE STREET REALTY BRINGS PROLOGIS BEACON CENTRE WAREHOUSES TO
FULL OCCUPANCY WITH CLOSING OF OVER 750,000 SF OF LEASE TRANSACTIONS IN 2011
Miami, Fla. – (November 14, 2011) – State Street Realty, a Miami based brokerage and advisory firm, has brought the Prologis Beacon Centre Business Park to full occupancy with the closing of over 750,000 square feet in deals so far in 2011. Prologis Beacon Centre Business Park is a Class “A” Industrial Business Park centrally located in the heart of the Miami Airport West submarket within minutes of the MIA cargo area, Port of Miami and all major roadways. The Beacon Centre’s prime location, building specifications, quality property management, top class amenities and stable institutional ownership were appealing factors that brought the tenants to the property. State Street Realty President George Pino, RPA and Senior Vice President Ed Lyden, two of the top commercial real estate professionals in South Florida, completed over 750,000 square feet of transactions in 2011 which are a testament to how the industrial sector continues to strengthen in the Miami Airport West submarket. “Not only is our total square footage of lease transactions more than this time last year, but our new lease deals are pointing to a steady upswing in the commercial real estate market,” Pino said. “Our long history with the Prologis Beacon Centre property and our proficient knowledge of the Miami Airport industrial market place were instrumental in finalizing these transactions. By understanding exactly what these customers’ needs are along with sharing our clients resolve to meet the tenant’s needs allowed us to negotiate deals that were a win/win for both the landlord and tenants,” Mr. Pino said.
Pino reports strong leasing activity, specifically for Class “A” industrial space under 50,000 SF, in Miami’s Airport West industrial market throughout the first, second, third and fourth quarters of 2011. “Vacancy is less than 5% for Class “A” industrial space under 50,000 SF and the Miami Airport West submarket continues to outperform all other submarkets in the area” stated Mr. Pino.
Noteworthy deals that closed at the Prologis Beacon Centre in the 3rd and 4th Quarters of 2011 include:
RCS Logistics renewed its lease for 35,605 SF of warehouse space at Beacon Centre.NXL LLC renewed its lease for 17,401 SF of warehouse space at Beacon Centre. Luis Marquez of CCG represented the Tenant.Corporate Installation leased 6,400 SF of warehouse space at Beacon Industrial Centre.Strategic Business Group leased 12,520 SF of warehouse space at Beacon Centre. Dante Aleman of Kaizen Realty Partners represented the Tenant.Door & Operator renewed its lease for 6,440 SF of warehouse space at Beacon Industrial Centre. Mark Aleman of Doral One Realty represented the Tenant.Jacavi Beauty Supplies renewed its lease for 25,000 SF of warehouse space at Beacon Centre. Landy Toledo of Landy Toledo LLC represented the Tenant.CCT Corporation renewed its lease for 32,844 SF of warehouse space at Beacon Lakes Industrial Centre. Gabriel Menocal of NAI Miami represented the Tenant. Southern Solutions Group leased 14,980 SF of warehouse space at Beacon Centre. Luis Marquez of CCG represented the Tenant.Allison America LLC renewed its lease for 5,400 SF of warehouse space at Blue Lagoon Business Park. Shelton & Stewart represented the Tenant.Silhouet-Tone leased 14,880 SF of warehouse space at Beacon Centre.
State Street Realty’s office is based out of Beacon Centre Business Park located at 8355 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.
About State Street Realty
State Street Realty is a Miami-based brokerage and advisory firm that specializes in representing real estate owners, investors and occupiers of commercial real estate throughout South Florida. Offering more than 60 years of combined industry experience, State Street Realty caters to corporate, private and institutional clients and has been named the exclusive leasing agency on a portfolio that consists of more than four million square feet of commercial space throughout the region. For more information, visit www.statestreetre.com
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GlobeSt.com - George Pino Launches State Street Realty |
George Pino Launches State Street Realty
As seen in Globe St.com
By Jennifer LeClaire
MIAMI - George Pino, former senior vice president at Flagler Real Estate Services, is launching out on his own. The 20-year commercial real estate veteran launched State Street Realty, a brokerage and advisory firm that will represent property owners, investors and tenants in South Florida.
Pino tells GlobeSt.com, "As the economy continues to recover, I firmly believe that this is the appropriate time to start an entrepreneurail firm focused on assisting clients to navigate throught the challenges facing the commercial real estate industry today."
Apparently, other Flagler employees agree with him. Joining Pino are Ed Lyden and Ana Lopez. Lyden, who has been a consistent top-producer throughout his 20-year career, will serve as senior vice president. Lopez, who has extensive experience in marketing and sales of commercial real estate properties, will serve as the company's marketing manager. Lopez was previously a marketing assistant at Flagler Real Estate Services and Lyden was a vice president at the firm.
The State Street Realty team offers more than 60 years of combined industry experience. Pino, who has established himself as one of the top commercial real estate industry professionals in South Florida, completing an impressive 10 million square feet of sale and lease transactions to date valued at more than $400 million, will lead the company. He brings expertise in all aspects of commercial real estate, including brokerage, land development and property management.
State Street Realty already boasts a prestigious client roster, including Prologis, one of the largest industrial REITs and Cardinal Commercial Development, a South Florida real estate developer and owner. Signature properties within State Street's portfolio include Beacon Centre Industrial Park, Beacon Lakes Industrial Park, Blue Lagoon Business Park, Airport Business Center and Beacon Executive Center.
"Prologis has entrusted the marketing and leasing of a significant portion of its South Florida portfolio to George and his team for nearly 13 years," Jay Cornforth, president of Prologis' East Region, said in a statement. "State Street Realty has a proven track record in the Miami industrial real estate market, and as Prologis continues to grow, it's more important than ever to partner with proven professionals."
Pino was recently named Prologis' '2011 Featured Broker.' Pino has been ranked as one of Costar's 'Power Brokers' form Miami the past nine years in a row. For the past three years in a row, he's been honored as NAIOP's 'Industrial Broker of the Year.'
"I am privileged to have been associated with George Pino and have seen his growth and accomplishments in our industry," stated Armando Codina, Chairman and Chief Executive Officer of Codina Partners. "It is a source of great pride for me that Codina group has been an incubator for great talent and creation of a number of new and innovative Real Estate start up firms. State Street is one of them and I wish George Pino great success."
"I enjoy the strategy and execution that goes into working with our clients on a daily basis which equates to adding value to our customers," Pino says. "Our best assets are our existing clients, who are our ambassadors. State Street Realty is dedicated to continually providing our clients a 'best of class' service and will continue to form long-standing business relationships that exceed a single project or transaction." |
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South Florida Business Journal |
South Florida Business Journal
October 14 – 20, 2011
By Oscar Musibay
ProLogis will start construction in 30 days on 190,000 square feet of new industrial space at the Beacon Lakes business park in Miami-Dade County’s Airport West submarket, with George Pino’s new company, State Street Realty, already working to lease the space.
“We already have a proposal out for 150,000 square feet, and another for 40,000 square feet,” said Pino, who managed the ProLogis (previously AMB Property Corp.) portfolio for 13 years during his tenure as senior VP at Flagler Real Estate Services.
The project is important for several reasons, including that it would be the first large project in the industrial subsector to break ground in nearly four years. ProLogis has an additional 2 million square feet of developable space in Beacon Lakes alone.
Leasing the new building is a primary focus for newly launched State Street Realty and Pino, whose last day with Flagler was Oct. 13. Pino’s new company will manage 4 million square feet of ProLogis’ portfolio.
“Those 13 years are the reason why (ProLogis has) entrusted me, State Street Realty and my team to manage their account going forward,” Pino said.
“We’ve anticipated this move for some time and wish George all the best on his new endeavor,” said Pike Rowley, president of Flagler Real Estate Services.
Pino has worked for commercial industry titans, such as Armando Codina and Jose Juncadella, who left Codina’s company to launch his own company, Fairchild Partners. Both provided counsel to Pino as he prepared to launch his own firm, Pino said.
Pino has been honored for his work by several organizations, including the Business Journal, which named him a Heavy Hitter in commercial real estate in April. In 2010, he closed nearly 1.7 million square feet in industrial deals valued at nearly $40 million and , in one month’s time, he helped close in three warehouse condo sales for a combined $2 million at the Village at Beacon Lakes. The Business Journal also named him among its 40 Under 40 for 2010.
One of his most notable transactions early this year involved signing logistics company Aeropost International Services to the 180,000 square feet DHL Global Forwarding vacated at the Blue Lagoon Business Park. The lease was for more than five years and valued at more than $10 million.
The building was vacant only 30 days, a significant feat considering buildings of that size are often vacant for years.
Pino said the move is significant for the overall market because it resulted in positive absorption, as Aeropost came from 50,000 square feet.
Pino signed an additional 320,000 square feet of leases in 2011: In June, he renewed Forward Air to 120,000 square feet at Airport Business Center, which is also in the ProLogis portfolio. He also renewed Ryder Logistics to nearly 200,000 square feet of space at Beacon Lakes.
He said the renewals were hard fought because there were several properties vying for new tenants.
As for new construction, several property owners are looking to build new product.
Juncadella said the demand is being driven, in part, by high occupancy, which is in the 90s. Also, there has not been construction of a sizeable Class A product for several years.
Demand is also growing because the Panama Canal expansion will supercharge growth in the local market.
“In the next 12 to 18 months, there will be almost 1 million square feet of new product delivered, so its going to be critical to be the first one up,” Pino said. |
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The Real Deal - Former Flagler Powerbroker Opens Boutique Commercial Firm, Brings Two Execs Along |
George Pino |
By Alexander Britell
As seen in The Real Deal Online
George Pino, a former senior vice president with Flagler Real Estate Services, has launched his own leasing firm, State Street Realty, in a shakeup for the Miami industrial market.
Pino is also bringing along fellow Flagler colleague Ed Lyden, who will assume the role of senior vice president, and Ana Lopez, who will be State Street's marketing manager.
"I felt this was the appropriate time to start an entrepreneurial-type of firm," Pino told The Real Deal. "I believe that if you look at the market as a "U," we're on the bottom part to the right of the center, and thought it would be the ideal time to take advantage of that whole potential upswing."
Pino has retained several clients, with a total of 4 million square feet in his new portfolio. Headlining that list is a number of Florida projects belonging to Prologis, the state's largest industrial real estate investment trust, centered in their Airport West portfolio.
Also among State Street's new clients is South Florida developer Cardinal Commercial Development.
"I think it's a great move," said Brian Smith, an executive director at Cushman & Wakefield. "I think it's a great move for both people. It's not very often that an institution like Prologis would entrust that much product to a small firm, but George has certainly earned that position -- he's proven himself with them for many, many years."
Smith manages a different portfolio for Prologis in Medley and North Dade.
The firm's portfolio now includes properties such as Blue Lagoon Business Park, Beacon Centre Industrial Park and Airport Business Center, all of which are in the thriving Airport West industrial submarket.
"We've anticipated this move for some time and wish George all the best on his new endeavor," Flagler Real Estate Services President Pike Rowley said in an emailed statement to The Real Deal.
Before joining Flagler, Pino worked as the real estate manager for Tecton in Miami, and has been named Industrial Broker of the Year by the National Association of Industrial and Office Properties' South Florida chapter for the last three years.
"When you have this type of an intimate atmosphere as a broker, you can deliver a high level of service to clients," Pino said. "So we're excited about it."
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Press Release - Commercial Real Estate Veteran George I. Pino Launches New Company, State Street Realty |
PRESS RELEASE
Media Contact: Cecilia Pino
Ph: 305-788-3162
Email: cpino@statestreetre.com
Hires Seasoned Professionals: Ed Lyden as Senior VP & Ana Lopez as Marketing Manager; Firm is Named Exclusive Leasing Agency for Four Million Sq. Ft. of Industrial & Office Space
Miami, Fla. – (October 17, 2011) – Twenty-year commercial real estate veteran, George I. Pino, RPA today announced the launch of his new company, State Street Realty. The Miami-based brokerage and advisory firm will specialize in representing property owners, investors and occupiers of office and industrial space throughout South Florida.
The State Street Realty team offers more than 60 years of combined industry experience. Pino, who has established himself as one of the top commercial real estate industry professionals in South Florida completing an impressive 10 million square feet of sale and lease transactions to date valued at more than $400 million, will lead the company. He brings expertise in all aspects of commercial real estate, including brokerage, land development, and property management.
Joining Pino are seasoned senior-level industry professionals, Ed Lyden and Ana Lopez. Lyden, who has been a consistent top-producer throughout his 20-year career, will serve as Senior Vice President. Lyden is known for his high level of service and results while working to leverage his industrial and office market expertise in the tri-county area to provide solutions to client’s unique real estate and business challenges. Lopez, who has extensive experience in the marketing and sales of commercial real estate properties, will serve as the company’s Marketing Manager. Ana will continue to develop and implement innovative marketing plans for the firm’s clients, as well as manage all marketing, advertising and promotional activities companywide.
“State Street Realty’s boutique platform, coupled with our tremendously talented team, will allow us to offer an even higher, more intimate level of customer service to our valued clients,” Pino commented. “We understand the correlation between building long-term relationships and exceeding client expectations and are proud that many of our existing core group of clients have been our partners for a decade or longer.”
State Street Realty already boasts a prestigious client roster, including several notable owners, developers, and investors. Prologis, one of the largest industrial Real Estate Investment Trust (REIT); Cardinal Commercial Development, a real estate developer and owner based out of South Florida, amongst other clients have all retained State Street Realty to market and lease their portfolio of regional real estate assets.
“Prologis has entrusted the marketing and leasing of a significant portion of its South Florida portfolio to George and his team for nearly 13 years. State Street Realty has a proven track record in the Miami industrial real estate market, and as Prologis continues to grow, it’s more important than ever to partner with proven professionals,” Jay Cornforth, president of Prologis’ East Region. “We look forward to working with State Street. We believe their hands-on approach, local market expertise and strong work ethic will continue to serve Prologis well.”
State Street Realty is the exclusive leasing agency on a portfolio that spans more than four million square feet of industrial and office space throughout South Florida. Signature properties within the portfolio include Beacon Centre Industrial Park, Beacon Lakes Industrial Park, Blue Lagoon Business Park, Airport Business Center and Beacon Executive Center.
Prior to launching State Street Realty, Pino served as Senior Vice President with Flagler Real Estate Services, LLC where he was responsible for the marketing and leasing of more than 6 million square feet of office and industrial space. Pino previously served as Real Estate Manager for Tecton, Inc. – Miami, where he managed the company’s 500,000-square-foot portfolio of commercial and residential properties in South Florida, as well as handled property disposals for the United States Marshals and Resolution Trust Corporation (RTC).
Consistently honored for his exceptional performance, Pino was most recently named Prologis’ ‘2011 Featured Broker.’ For the past nine years in a row, Pino has been ranked as one of Costar’s ‘Power Brokers.’ For the past three years in a row, he’s been honored as NAIOP’s ‘Industrial Broker of the Year.’ In 2011, Pino was named a ‘Heavy Hitter’ in commercial real estate by the South Florida Business Journal. Previous honors include being named one of the ‘Top 40 Under 40’ by South Florida Business Journal and Real Estate Forum; ‘One of Florida’s Best and Brightest Commercial Real Estate Professionals in Florida’ by Real Estate Florida; and one of the ‘Top 25 Commercial Real Estate Brokers in Florida’ by Miami Today and Real Estate Forum.
“I am privileged to have been associated with George Pino and have seen his growth and accomplishments in our industry,” stated Armando Codina, Chairman and Chief Executive Officer of Codina Partners. “It is a source of great pride for me that Codina Group has been an incubator for great talent and creation of a number of new and innovative Real Estate start up firms. State Street is one of them and I wish George Pino great success.”
Pino is a South Florida native and is fluent in both English and Spanish. He holds a Florida Real Estate Sales broker license and Real Property Administrator (RPA) designation. His professional affiliates include serving on the Board of Directors for the Commercial Industrial Association of South Florida (CIASF); as well as being an active member of the National Association of Office & Industrial Properties (NAIOP), Building Owners and Managers Association (BOMA), and the South Florida Office Brokers Association (SFOBA). Equally dedicated to the community, Pino volunteers with the Redlands Migrant Christian Association and the Mike Lowell Charity Foundation. In addition, Pino serves on the Advisory Committee and is a member of the Ocean Reef Club in Key Largo, Florida.
State Street Realty’s office will be based out of Beacon Centre Business Park located at 8355 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.
About State Street Realty
State Street Realty is a Miami-based brokerage and advisory firm that specializes in representing real estate owners, investors and occupiers of commercial real estate throughout South Florida. Offering more than 60 years of combined industry experience, State Street Realty caters to corporate, private and institutional clients and has been named the exclusive leasing agency on a portfolio that consists of more than four million square feet of commercial space throughout the region.
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P 305.447.3390 F 305.415.7540
