Logistics Company C-AIR Renews Miami Warehouse Lease
By Julia Echikson May 9, 2023 10:53 pm
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Logistics company C-Air Brokers & Forwarders" class="company-link">C-Air Brokers & Forwarders renewed its industrial lease in Miami’s Brownsville neighborhood, according to the tenant’s brokers.
Since 2012, the firm has occupied the entire 56,420-square-foot warehouse at 5959 NW 35th Avenue, just west of the Martin Luther King Jr. Memorial Park. The 50-year-old C-Air offers transportation, customs brokerage, freight forwarding, long-haul trucking and export services. It operates in Miami, New York and Los Angeles.
The asking rent when negotiating the renewal stood at $17 per square foot, triple net. Cresa’s Jeff Hartsook and Adam Talbot represented C-Air, while Transwestern’s Thomas Kresse, who did not immediately respond to a request for comment, represented Georgia-based landlord, RPR Hialeah II.
The renewal comes as Miami-Dade County’s industrial leasing market remains strong.
At the close of the first quarter of 2023, the absorption rate stood at 2.3 million square feet, according to JLL’s report. As the average asking rent has steadily grown to $14.91 a square foot, the vacancy rate has dropped to 1.1 percent, considerably lower than in 2020, when it hovered around 6 percent.
Julia Echikson can be reached at jechikson@commercialobserver.com.
