MIAMI-In yet another sign that Miami’s industrial market is steadily returning to its glory days, Beacon Centre is officially 100% occupied. A quartet of leases totaling 106,000 square feet filled the last remaining square footage in the building during the fourth quarter.

Transwestern senior vice president Thomas Kresse, managing director Walter Byrd and managing director Ben Eisenberg represented the landlord, RREEF Real Estate, in the deals. This is the third industrial park Transwestern has completely filled this year. Doral Logistics Center and Corporate Park at Kendall were the other two.

“The biggest common factor in getting these parks to 100% occupancy came from the tenants that we were dealing with,” Kresse tells GlobeSt.com. “All were currently in the market, considered small businesses yet relocating to accommodate the expansion and growth of their businesses. This is unlike in years past when we were experiencing negative absorption and the majority of the deals we saw were consolidations, tenant downsizing and flight to quality due to depressed rates.”

Lifeline Pharmaceuticals signed a new lease for 21,000 square feet, representing a relocation and expansion within Doral. Kathy Zerbone of Easton & Associates represented Lifeline. Worldpac signed a long-term renewal for 28,000 square feet. Brian Smith of Cushman & Wakefield represented Worldpac. BR-1 signed a long-term renewal for 15,000 square feet. Gabe Menocal of NAI Miami represented BR-1. And Codotrans signed a new lease for 42,000 square feet, representing a relocation and expansion within Doral. Devin White of  CBRE represented Codotrans.

“Codotrans is expanding as a result of steady business growth over the last five years, primarily from Central America and the Caribbean markets,” White, a vice president with CBRE, said in a statement. “Though they will not be moving into the new space until first quarter 2012, now was a good time to secure an advantageous rental rate for high demand quality space.”

Kresse points to strong tenant activity in Miami’s industrial market throughout the first, second and into the early third quarter of 2011. Transwestern has been pushing rates at the parks it represents since the first quarter of 2011 and will continue to do push as inventory shrinks. Although there are still a handful of larger deals out in the market, he reports a slowdown in the velocity of activity in the fourth quarter.

“In 2012, there is plus or minus 1 million square feet of new construction planned to be delivered between Doral and Medley that will all be class A, big box, distribution space,” Kresse says. “I am interested to see how quickly the market will be able to absorb this new space and, more importantly, at what rates.”