MIAMI-Econocaribe, a warehousing distribution company, which handles commodities, signed an 144,000-square-foot lease at the 400,000-square-foot Airport East Distribution Center in Miami’s Central Miami-Dade submarket east of Miami International Airport. The 40-year-old building, which was a former Associated Grocers facility, recently underwent a $3 million renovation
Econocaribe has been in this submarket for several decades and needed a larger facility with more truck-loading space and a larger yard in which to store trailers, says Michael Silver, first vice president at CB Richard Ellis in Miami, who was the broker for the landlord, the Terranova Corporation and joint venture partner, Blackrock, a publicly traded asset management company.
The Airport East Distribution Center had been vacant for a long time, says Silver. But in the last two quarters, interest in industrial real estate in Miami-Dade, including the Airport East Distribution Center, has picked up dramaticcally, he says.
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