Spec development lease completed by Avison Young and State Street Realty underscores pent-up demand in competitive industrial market

Miami – King Ocean Services signed a new, long-term, 157,258-square-foot industrial lease transaction for its relocation and expansion within Miami. Avison Young and State Street Realty facilitated the transaction on behalf of the international cargo transport company, which will fully occupy Building 24 at Prologis Beacon Lakes, at 13155 NW 19th Lane in Miami’s Airport West submarket. Construction on the class A property is set for completion in third-quarter 2022. 

King Ocean Services is one of the largest niche ocean cargo companies serving the Caribbean, Central and South American regions. The new lease represents a 53,000-square-foot expansion and solidifies the company’s significant commitment to its clients and overall growth. 

Avison Young Principal Wayne Schuchts and Senior Associate Bobby Benton co-represented the tenant with State Street Realty’s Ed Lyden during the lease transaction. 

“Miami’s class A industrial market is incredibly tight, especially for large, ideally-located, single-tenant buildings like Beacon Lakes 24,” said Schuchts. “It is one of the few buildings at the business park within those criteria with secured trailer parking and modern specifications, which perfectly matched our client’s needs.”

According to an Avison Young research, total industrial vacancy in Miami-Dade County is at its lowest point since 2018 at 4.4%, with the Airport West submarket reporting the lowest vacancy in the market at 4%. Recent leasing activity has demonstrated strong occupier interest in large blocks of space (100,000 square feet and greater). Miami’s continued influence as a global gateway with robust industrial fundamentals continues to spur demand on the part of tenants and investors alike, forcing developers to continue to search for sites to stay ahead of demand.

“With rising rental rates creating a challenging and competitive environment for tenants in the market, we advised King Ocean Services to secure their ideal space now to avoid the risk of a depleted inventory and higher rents in the future,” said Benton. “Ultimately, working with King Ocean’s well-organized, decisive management team and Prologis’ first-class customer service team, led by Barbara Mantecon, resulted in a deal providing our client the best value and perfect timing for their ideal building size, specs, and location.”

Prologis’ Beacon Lakes business park offers unparalleled connectivity with direct access to major highways, including the Dolphin Expressway, Florida's Turnpike, and the Palmetto Expressway, which grants easy access to Miami International Airport and Port of Miami. Amenities include The Shoppes at Beacon Lakes consisting of 500,000 square feet of shopping, dining, and entertainment.