Canadians, Aussies Join Industrial Hunt
In the past two months, State Street Realty closed 489k SF of mostly industrial sale and lease deals valued at $28M. Based on those, prez George Pino tells us interest among foreign investors hasn't slacked off. The most active international investors in South Florida industrial at the moment include Columbians and Venezuelans--no surprise there--but there's also been an uptick in interest by Canadians, Australians, and Mexicans, he says. Industrial is a favorite, George says, but institutuonal investors also are snapping up resorts, hotels, commercial, and shopping malls, while individual investors continue to search for their second or third homes.
On industrial's leasing side, renewals and new leases are brisk in anticipation of better infrastructure (think Panama Canal and Port of Miami), George says. (With Breaking Bad off the air, it's the only thing we have to look forward to.) In August, RCS Logistics renewed its lease for 32k Sf of warehouse space at Prologis Beacon Centre, with George and colleague Ed Lyden repping landlord, Prologis. The duo also repped Prologis in American Crane and Tractor Parts' 33k SF at Prologis Beacon Lakes Industrial Park. Digiacomo Group's Steve Digiacomo, repped the tenant in that deal.