Logistics Company Ups Outpost Near MIA to 39K SF
By Julia Echikson August 10, 2023 5:25 pm
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OnBoard Logistics expanded its base near Miami International Airport by 26,733 square feet.
The renewal totals 39,000 square feet at the South Florida Logistics Center at 6745 NW 36th Street, just north of the airport, according to Cresa Miami. The logistics company first moved into the eight-building property in 2019, occupying 12,000 square feet.
The lease is five years long and the asking rates ood at $18.50 a square foot, triple net, said Carlos Velasquez, who represented the landlord, J.P. Morgan Asset Management, alongside Vivo Real Estate’s Raul Estrada, Carlos Velasquez and Raydel Enriquez.
Cresa’s Jeff Hartsook and Adam Talbot represented the tenant.
The expansion provides better access to Miami International Airport’s cargo entrance, where Miami-Dade County officials are adding a new facility that will nearly double the airport’s cargo capacity to 5.5 million metric tons.
While industrial leasing activity in Miami-Dade County has slowed, limited inventory — with vacancy rates at 1.8 percent by the close of 2023’s second quarter — has boosted asking rents. Average asking rates grew by 1.9 percent over the same period to $16.00 per square foot, triple net, according to data from JLL.
Julia Echikson can be reached at jechikson@commercialobserver.com.
