It is Midyear 2014 and the Miami industrial real estate market remains strong. Even as new warehouse space is being delivered the vacancy rate decreased to 5.6% and absorption was a positive 1.2M sq. ft. for the 2nd quarter of this year. Landlords continue to push rent growth while prospective tenants are rushed to make decisions more quickly as activity increases.“Time kills all deals” as we often say in the real estate profession.
New developments are being encouraged in our market. CNL is developing Carrie Meek International Business Park adjacent to Opa Locka Airport. The project will total 1.7M sq. ft. on 122 acres. In addition, Bridge Point will be constructing Crossroads which will measure about 500,000 sq. ft in northwest Miami-Dade County.
In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 1st Quarter of 2014. >>>
South Florida Refrigerated Warehouses are Hot!
As you may know, the ComReal Miami Industrial Team’s specialty is refrigerated warehouse buildings. We have recently leased two significant refrigerated warehouses here in sunny South Florida. The first was a 64,000 sq. ft. cooler warehouse formerly occupied by Florida Beauty Flora, but has now been leased by Miami-Dade County for their food distribution. Read the details at Miami-Dade County Leases Cooler Warehouse in Doral. >>>
In July, we leased a 29,000 sq. ft. freezer/cooler warehouse space to Pagnifique from Uruguay. This warehouse was previously occupied by Blue Bell Ice Cream. Please read the story at Pagnifique Freezer Warehouse in South Florida. >>>
There is a good news article from the Miami Herald that is worth reading in regards to Building a fresh-produce gateway through South Florida ports. >>>
From South Broward to Miami-Dade there have been three new, deals involving warehouses with significant amounts of refrigeration. The ComReal team was involved in all three of these transactions. There are only six refrigerated warehouses left available right now in Miami-Dade County. ComReal has recently prepared a report summarizing these properties as well as the overall market. Please contact us anytime to receive a copy of this report. Thank you very much.
Featured Property: Flagler Station Warehouse Space for Sub-Lease.
Have you seen the new aerial drone videos? This is the latest in state of the art, commercial real estate technology. Checkout the aerial exterior and interior video tour for our warehouse space in Flagler Station in Medley.
Miami Warehouses Leased in 2nd Quarter 2014 (partial list):
|Tenant Name||Size SF||Property Address|
|Amazon||335,841||1900 NW 132 Place|
|Permasteelisa||80,000||725 SE 9 Court|
|Alsina Forms||69,747||725 SE 9 Court|
|TVH Parts||67,997||10800 NW 106 Street|
|Extreme Aviation||60,000||2930 NW 75 Avenue|
|Neutralogistics||50,363||8578 NW 23 Street|
|Bruna Group||48,000||2800 NW 105 Avenue|
|Emo Trans||46,411||10800 NW 106 Street|
|Planet Air||40,000||1900 NW 92 Avenue|
|Dupuy||35,000||725 SE 9 Court|
|CJ GLS||30,000||6000 NW 97 Avenue|
Miami Warehouses Sold in 2nd Quarter 2014 (partial list):
|Buyer||Size SF||Property Address||Sale Price||$ PSF|
|Mar-Jam Supply||271,262||18000 State Road 9||$13,250,000||$48|
|PS Business Parks||148,618||2323 NW 82 Avenue||$12,730,000||$85|
|DIS Investments LLC||78,239||5600 NW 32 Avenue||$3,800,000||$49|
|Prologis||77,000||7007 NW 30 Street||$4,733,000||$62|
|Clarion aka LIT Industrial||48,697||2800 NW 105 Avenue||$4,600,000||$94|
|A Customs Brokers||47,500||1900 NW 97 Avenue||$3,900,000||$82|
|Industrial Property Trust||41,000||11200 NW 138 Street||$4,100,000||$100|
|Doral Securities||29,392||11450 NW 34 Street||$2,900,000||$98|
The ComReal Companies 35th Year Anniversary!
The ComReal Companies celebrated their 35th year anniversary on May 30th, 2014. ComReal’ers past and present affectionately refer to this day as “Red Day”. We look forward to another 35 years moving forward! Be sure to visit and bookmark ComReal’s new landing page at www.ComRealSouthFlorida.com.
Service Provider of the Quarter: Ameriworld Enterprises
Looking to warehouse your products in Miami? How about a trusted group to handle the logistics as well? If so, then we’d like to introduce you to our friends at Ameriworld Enterprises. After meeting with them and touring their warehouse, you will feel as though you are part of a neighborhood community where everyone is there to help assist you and your business to grow.