The Midyear 2015 Industrial Real Estate Market Reports shows that the Vacancy Rate has fallen once again to just under 5% and the Average Lease Rates are up to $8.62 per sq. ft. This marks the eleventh consecutive quarter since 2012 of such trends. Prospective buyers and tenants continue to find it increasingly difficult to acquire functional and economical warehouses to suit their business needs. Sellers and landlords have the high ground while buyers and tenants struggle to do their best to negotiate price and terms. So far this year, over 2.5M sq. ft. have been absorbed which is extremely healthy for our market. In addition, there have been multiple lease and sales transactions to users occupying over 100,000 sq. ft. warehouse spaces. This is another good sign. Some developers cannot seem to construct their new warehouses fast enough, while other projects seem to linger on the market due to various reasons.
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 2015. >>>
Americas’ Gateway Park Building Sold for $10M!!!
June 2015 – The ComReal Companies are pleased to announce the sale of the Americas’ Gateway Park Building located at 1800 NW 89th Place in Doral, Florida. The property consists of 110,500 sq. ft. building with a refrigerated warehouse and 30% office space. The sales price was $10,000,000 (or $90 per sq. ft.). The seller was Mr. Peter Ullrich and the new owner is Freshworld Logistics. This was the first and only time that this building has ever been on the market for sale. If you would like to read more details on the sale as well as some trends with refrigerated warehouses, please visit Doral Cooler Warehouse Sold to Freshworld Logistics. >>>
What You Should Know About Renewal Rates by Chris Spear:
Renewal lease rates are skyrocketing and companies are experiencing sticker shock as they receive renewal proposals from their landlords. Five years ago, the market had bottomed. Leases involved many months of free rent, low rental rates, and an abundance of tenant improvement dollars. Today, those same companies face the reality that they may have to pay 20-25% over their current rental payment. So where does this leave you, the tenant? To discover how you can best approach your landlord to discuss a renewal, finish reading here: Renewal Rates & What You Should Know. >>>
Miami Warehouses Leased in 2nd Quarter 2015 (partial list):
|Tenant Name||Size SF||Property Address|
|Walton & Post||138,194||9375 NW 117 Avenue|
|Ingram Micro||118,897||2000 NW 84 Avenue|
|Miatex Corp||56,000||6700 NW 77 Court|
|Home KO||50,000||6700 NW 77 Court|
|American Medical Response||50,000||12600 NW 107 Avenue|
|Gems Flowers||36,734||3200 NW 67 Avenue|
|Hughes Supply||39,800||8054 NW 14 Street|
|Sari Express Forwarders||28,453||11200 NW 107 Street|
Miami Warehouses Sold in 2nd Quarter 2015 (partial list):
|Buyer||Size SF||Property Address||Sale Price||$ PSF|
|Jackson Health||180,000||7800 NW 29 Street||$38,500,000||–|
|Environmental Packer Corp.||164,311||2330-2350 NW 149 Street||$5,000,000||$30|
|Goodman Doral 88th Court||111,529||2100 NW 88 Court||$4,800,000||$43|
|Freshworld Logistics||110,500||1800 NW 89 Place||$10,000,000||$90|
|1341 Lot LLC||64,084||7350 NW 30 Avenue||$5,400,000||$84|
|Galleria Farms||62,000||2601 NW 104 Court||$6,800,000||$109|
|R&R Investments Trade||36,001||11351 NW 36 Terrace||$2,990,000||$120|
|Doral Edifice Investments LLC||32,231||2841 NW 107 Avenue||$4,050,000||$126|
|Beacon Fisheries||28,569||2605 NW 75 Avenue||$3,700,000||$130|
Florida Perishables Industry Opposes APHIS Fees:
In collaboration with Port Miami and other stakeholders, ComReal Miami stated it’s opposition to the USDA/APHIS
proposal which will charge new exorbitant fees on the perishables distribution industry. The increase on both imports and exports of perishables will result in higher costs for consumers and/or members of the supply chain. Click this link to read our letter opposing the APHIS proposal. >>>
Ed Redlich 20 years Anniversary !!!
Panamanian American Chamber of Commerce
ComReal is pleased to announce that it has renewed it’s membership with the Panamanian-American Chamber of Commerce at the level. In addition, Ed Redlich is planning another trade mission this year to Panama City to tour the Panama Canal and other business opportunities. For more information, please visit the Panamanian American Chamber of Commerce at www.paccmiami.com.