HIALEAH, FL—Industrial has been a hot story in South Florida—and in pockets of the Southeast—through early 2012. In early January, Flagler Real Estate Services inked what's considered to be Florida's largest industrial deal in two years, as well as the largest in South Florida in more than four years. Bullet Line took down 475,000 square feet of space at Centergate at Gratigny, adding to the more than one million square feet of lease transactions that have closed at the mixed-use Hialeah business park since Flagler took over as asset manager two years ago.

Renovations are part of the story at Centergate. Flagler project manager Brian Kronberg completed a large-scale property revitalization and transformation plan, as well as launching aggressive marketing strategies that raised occupancy by almost 80%. The 47-acre property also has 27 acres of land available, which can accommodate an additional 650,000 square feet of development.

Also in January, Butters Construction & Development disposed of some of its industrial properties in the $18.9-million sale of a four-building, 208,590-squarefoot portfolio to Industrial Income Trust. The sales price translates to $90 per square foot.