CBRE Senior Vice President Tom O’Loughlin, Senior Vice President Larry Dinner and First Vice President Larry Genet arranged a 224,650-square-foot lease deal on behalf of TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), one of the largest real estate investment managers in the world with $109B in assets under management.
At its core, South Florida is a narrow strip of land between the ocean and the Everglades. Those geographic constraints keep land prices rising, a phenomenon that is especially noticeable in the industrial sector, where rental rates are setting new records.
Miami’s average industrial asking rents reached an all-time high, $9 per SF, in Q4, according to CBRE, jumping nearly 50% in five years. JLL Managing Director Brian Smith said they have since inched even higher, with rates today around $10.25 per SF.
CBRE negotiated a 50,000-square-foot lease at an under construction, speculative, state-of-the-art warehouse facility in Davie.
The tenant, XPO Logistics, is establishing operations in the market after being contracted to handle fulfillment for one of the nation’s largest construction supply houses.