CBRE Reports 725,000 SF in April Deals

MIAMI-CB Richard Ellis reports more than 725,000 sf in transactions closed in South Florida in April and a strong start to the year. The April deals are worth $36 million total. The first four months of the year, CBRE’s four South Florida offices completed 5.5 million sf in commercial deals with more than a $530-million transaction value. That’s an average of nearly 1.4 million sf and a $132.5-million transaction value per month. Although April is well below the monthly average this year, it is still considered a strong month, a company spokesman says.”There is much optimism in the South Florida commercial real estate market,” says Ed Mitchell, managing director responsible for the firm’s South Florida operations. “The office market continues to witness decreasing vacancies and strong leasing activity.” The industrial and retail markets are also strong, he says.The firm’s most notable April deals include Keystone Operating Partnership LP’s purchase of 536,435 sf of warehouse/distribution space in Miramar from Timco Aviation Services Inc. for $26 million; Sears Logistics Services Inc.’s 83,333-sf distribution space renewal in Sunrise estimated to be worth at least $2.1 million; Senator International Inc.’s 41,801-sf warehouse/distribution lease at Dolphin Commerce Center; TNT USA’s 17,791-sf terminal facility space renewal at Miami’s Beacon Centre; and Cubic Enterprises Inc.’s 17,000-sf warehouse/distribution lease in Hialeah.