State Street Realty, a Miami-based brokerage and advisory firm, recently closed over 327,000 square feet of office and industrial lease transactions valued over $20,500,000 as the Miami commercial real estate market continues to strengthen. 

 

The industrial market near the MIA/Doral is an unstoppable force right now. Vacancies are down, rents are up.  Vacancy rates are now about 5%, with strong demand for both Class-A and B warehouse space. In fact, demand for high-quality product is outpacing available supply, State Street Realty president George Pino tells us.

An industrial warehouse in Homestead has traded hands for $10.93 million, Miami-Dade County records show.
An affiliate of Reyes Holdings, a Rosemond, Illinois-based food and beverage distributor, sold the 122,960-square-foot building at 1000 Park of Commerce Boulevard. The 10-acre property two-story facility was built in 1995. It includes a main building, office, cold storage, dry storage and 124 parking spaces. The Homestead property was renovated in 2009.
Major Brands will use the property as a beverage distribution center, according to a press release. George Pino, president of State Street Realty, along with Ed Lyden and Brian Cabielles, represented the buyer.
“This transaction demonstrates that industrial real estate conditions in Miami are robust and there continues to be a strong appetite for many first-rate companies to conduct and expand their business within Miami-Dade County,” Pino said in the press release.

A Homestead warehouse used as a distribution center was sold for $10.93 million.
Lone Oak - Homestead, an affiliate of Gold Coast Beverage parent company Reyes Holdings, sold the warehouse at 1000 Park of Commerce Blvd. to AFCEE LLC. State Street Realty's George Pino, Ed Lyden and Brian Cabielles brokered the deal for the buyer. Cushman & Wakefield represented the seller.
The building was constructed on the 10.1-acre site in 1995.

State Street Realty Brokers Close over 278,000 square feet of office and industrial lease transactions in Miami, FL valued over $10,500,000!

 

State Street Realty President George Pino, SIOR, RPA was named “Industrial Broker of the Year” during the Chapter’s recent 2015 Annual Awards of Excellence Awards Gala. A four-time recipient of this prestigious award, Pino was honored for delivering a tremendous portfolio of transactions for State Street Realty’s valued clients’ properties in 2014 that includes brokering more than 80 new sale and lease deals totaling more than 1 million square feet and worth over $80 million, the company record for the year.

State Street Realty closed over 300,000 square feet of office and industrial sale and lease transactions valued over $16,500,000 in the past 60 days.  State Street Realty President George Pino, SIOR, RPA, Executive Vice President Ed Lyden, Associate Brian Cabielles and Leasing Associate Ana Lopez working on behalf of Landlord’s Prologis and various other clients completed these transactions together in March and April of 2015.
According to Pino, “In the Miami Airport/Doral area, vacancy continues to decline and rental rates continue to increase. We are definitely in a Landlord’s market right now. Many companies are expanding and more large industrial tenants are looking for space typically in the industry sectors of contract logistics, e-commerce, construction, aviation, flower distribution, produce, technology and freight-forwarding. Also, it is important to note that industrial land supply in the Miami Airport area is constrained as other uses such as mixed-use residential communities are taking priority over once planned industrial parks. All of these dynamics are being fueled by Miami’s global brand as a top international city to conduct business.”

 

State Street Realty, a Miami-based brokerage and advisory firm, along with Ocean Reef Club Real Estate Company participated in the sale of the Marina Inn property in the exclusive Ocean Reef Club in Key Largo.
The transaction is valued at $20 million, one of the largest commercial real estate transactions in Ocean Reef Club, according to a release.  George Pino, SIOR, president of State Street Realty, along with William Dickinson, Broker Associate, Ocean Reef Club Real Estate Company, assisted the Buyer, Marina Inn Land, LLC in this successful transaction.  The Marina Inn property is located within the exclusive Ocean Reef community in the Florida Keys and less than an hour from Miami. The Buyer plans to redevelop the Marina Inn site with 30 new luxury condominium units. The three-acre property includes 750 feet of waterfront and currently consists of eight large two-bedroom rental properties.
Also included in the transaction was Russell Post of Sotheby’s International Realty.  Pino stated, “It is an honor and a privilege to be involved in a transaction at Ocean Reef Club. Over the past 24 months, State Street Realty has participated in $35 million of transactions at the private and exclusive Ocean Reef Club.”

 

State Street Realty leased 19,200 square feet of industrial space to Rubi Tools USA, Inc. at Prologis Beacon Industrial Park, located within the Miami-Airport West submarket.  As a result, the 870,000-square-foot Class A Industrial Park, is now 100% occupied.  State Street Realty President George Pino, SIOR, Executive Vice President Ed Lyden and Associate Brian Cabielles represented the Landlord, Prologis.

Located at 10813 NW 30 Street in Doral, Beacon Industrial Park is a Class “A” Prologis-owned secure distribution warehouse Park located in the heart of the Miami Airport West submarket.
Prologis is the largest landlord of industrial warehouse space in the Miami Airport West area.

 

COSTAR - State Street Realty Named 2015 Top Industrial Leasing Power Broker in South Florida.

The South Florida real estate market is among the hottest in the nation, with a flurry of construction activity and a host of local leaders driving much of that growth.  The Business Journal editorial team has recognized 110 accomplished individuals as Power Leaders in Real Estate based on their professional accomplishments, leadership skills and standing within the real estate community. These are the developers behind many of the largest projects in South Florida, as well as the brokers, architects and construction experts who put those enterprises together.

 

 

 

 

Commercial Industrial Association of South Florida - State Street Realty's Pino Named Industrial Broker of the Year.

NAIOP Names George Pino Industrial Broker of the Year.

 

The Keys, which have seen a strong recovery in visitor numbers since the end of the recession, are delivering hospitality and multifamily yields more commonly associated with much larger top-tier markets, such as New York, George says. Investors, including large institutional players, have taken notice. Last year some noteworthy Keys properties traded hands, including two beachfront resort and marina assets in Islamorada, and a five-hotel portfolio totaling 516 rooms.

 

 

 

It’s one of the largest commercial real estate transactions in Ocean Reef Club. The Marina Inn property in the exclusive Key Largo, FL club just sold for $20 million. George Pino, president of State Street Realty, represented the buyer, Marina Inn Land, in the deal. “Over the past 24 months, State Street Realty has participated in $35 million of transactions at the private and exclusive Ocean Reef Club,” says Pino. The Marina Inn property is less than an hour from Miami.

 

 

United Home Care Services, Inc. has signed an eight-year, 16,000 square-foot office lese at Westside Office Plaza 1 in Doral.
The deal was secured on behalf of the landlord, Prudential Real Estate Investors, by State Street Realty President George Pino, SIOR and Executive Vice President Ed Lyden.

 

Miami Today - George Pino Speaks About Rising Industrial Land Prices in Miami; up 30% in One Year

 

 

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South Florida Business Journal - George Pino and Other Experts Discuss State of Real Estate in South Florida at 2014 Market Review:

Miami-based brokerage and advisory firm State Street Realty has leased 41,704 square feet (Building 6) and 41,307 square feet (Building 7) totaling 83,011 square feet of industrial space to Professional Technology Repairs, LLC at Prologis Beacon Lakes Business Park located within the Miami-Airport West submarket.

Beacon Lakes Building 6 totaling 206,478 square feet and Building 7 totaling 192,476 square feet are now 100% occupied.

 

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Two industrial buildings in the Miami Airport West area are fully occupied after an aviation repair company signed two mammoth lease commitments, a broker involved with the transaction said Wednesday.
Professional Technology Repairs LLC is leasing 83,011 square feet of space at the Prologis Beacon Lakes Business Park, State Street Realty executive vice president Ed Lyden said in a statement.
The business park features over 6.8 million square feet of Class A warehouse space on 436 acres. Lyden, along with State Street president George Pino, represented the landlord.

 

Commercial Industrial Association of South Florida (CIASF): CIASF Connections - Prologis and State Street Realty Recently Close CRE Transactions Working Together In Miami, FL

 

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