Summer seasons are typically slow in Miami, however the Miami industrial real estate market experienced an increase in the average lease rate to $8.77 per sq. ft. and a decrease in vacancy to 4.7%. Over 3M sq. ft. has been absorbed this year with one more quarter to go. At this pace, we might break the 4M sq. ft. mark by year-end which would be extremely impressive especially given the new deliveries. On a side note, it is also amazing that we have had ten consecutive years without a major hurricane making landfall. “October – all over” as we often say.
In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 2nd Quarter of 2015. >>>
Here’s an old time saying by Florida fishermen on hurricane season: “June – too soon. July – stand by. August – look out you must. September – remember. October – all over.”
Miami Warehouses Leased in 3rd Quarter 2015 (partial list):
|Tenant Name||Size SF||Property Address|
|Satair||50,960||11255 NW 106 Street|
|Metropolitan Warehousing||50,000||11255 NW 106 Street|
|XPO Logistics||36,687||2200 NW 129 Avenue|
|Igloo Exchange||26,000||3200 NW 67 Avenue|
Miami Warehouses Sold in 3rd Quarter 2015 (partial list):
|Buyer||Size SF||Property Address||Sale Price||$ PSF|
|COFE Properties||214,318||1922 NE 149 Street||$21,250,000||$100|
|Apollo Group||213,113||6950 NW 77 Court||$15,000,000||$70|
|Terreno Realty||154,560||8455 NW 74 Street||$17,250,000||$112|
|Eagle Brands||112,960||1000 Park of Commerce||$10,930,000||$97|
|S.K.L. of Miami||91,813||12845 NW 45 Avenue||$5,800,000||$63|
|Sunshine State 1221||44,760||1221 NW 165 Street||$3,385,000||$76|
|ALFE Holdings||37,609||3400 NW 78 Avenue||$4,000,000||$106|
|Benami Holdings||26,996||13100 NW 113 Avenue||$3,000,000||$111|
|Campanarello Properties||22,651||7910 NW 25 Street||$6,000,000||$265|
CLOSED DEAL! 95 Acres in Redland, Florida Sold:
August 2015 in Redland, Florida – One of the largest available land sites in Miami-Dade County has been sold. The 95 acres of land is located in the Redland on Southwest 328th Street just west of 217th Avenue. The sale price was $2,775,000 or about $29,000 per acre. Read more about the Redland Florida Land Sale. >>>
FEATURED LISTING: 28,500 sq, ft, Warehouse Space in Doral for Sublease:
‘Class A’ warehouse for sublease located at 8190 NW 21st Street in Doral, FL 33122. This property is situated in a prime location within Miami International Commerce Center (MICC) and offers the following features:
- 28,540 SQ. FT.
- 24’ CEILING HEIGHT
- 14 DOCKS & 1 RAMP
- FRONTAGE ON NW 82ND AVENUE
- ASKING $9.50 PER SQ. FT. GROSS
- LEASE EXPIRES IN FEBRUARY 2018
- CORPORATE BUSINESS PARK SETTING
- INSTITUTIONALLY OWNED, WITH ON-SITE MANAGEMENT
ComReal Miami Client Seeks 200,000 sq. ft. Warehouse Space to Lease in South Florida:
The ComReal Miami industrial Team is working on behalf of a distribution company that has the following requirement:
• Total Space: +/- 200,000 sq. ft.
• Office Space: 5% to 10%.
• Commencement: Summer 2016.
• Acquisition: Lease Only.
• Location: Miami-Dade County or South Broward County
Please contact us if you have any properties that might be available. We are in the Site Selection phase now. Thank you very much.
ComReal Miami Opens 2nd New Office in Coral Gables:
October 22, 2015 – ComReal Miami-Coral Gables is pleased to announce its acquisition of 51 Merrick Way in the City of Coral Gables. Principals Stephen H. Smith, SIOR, John Lonardo, CCIM and Ed Redlich, SIOR, CCIM purchased the street level office/retail property on October 1, 2015 as CASTANHA XII, LLC. Purchase price was $690,000 (or $415 per sq. ft.).
51 Merrick Way is an office / retail component of 55 Merrick Way a mixed use project strategically located in the Coral Gables’ Central Business District. 51 Merrick offers direct access to the renowned business areas of Coral Gables, including 5 million+ Sq. Ft. of commercial office space and 1.5 million Sq. Ft. of retail space, plus a list of new construction and planned development projects “coming soon”. The location is within one block of the newly approved construction “Streetscape Projects” on The Miracle Mile and Giralda Avenue.
“For nearly forty years, ComReal has played a significant role in the commercial real estate industry in South Florida.” states Steve Smith, President of The ComReal Companies. “This new operation in Coral Gables will be of greater convenience to service our clientele seeking office, retail and/or investment properties. In addition, several highly-experienced Realtors have recently joined ComReal due to our growth and expansion strategies.”
“Today’s commercial real estate professionals are operating in “real time”. As such, their office facility, tools and technologies must all support both their clients and their personal livelihoods. In introducing ComReal | Miami – Coral Gables, LLC, ComReal is also introducing a new business philosophy by bringing on board selected, seasoned professionals with equity participation in the individual companies as well as equity participation in specific real estate investment ventures such as the acquisition of 51 Merrick. We are delighted that John Lonardo is participating in the new concepts and has assumed a leadership role in ComReal | Miami – Coral Gables”.
Lonardo is a 25+ year veteran and leader within the industry. “Every commercial district in the city is experiencing strong occupancy, rate growth and new development. 51 Merrick Way is in the epicenter and ComReal is excited to be part of such a vibrant community.” explains Lonardo, often described as Mr. Coral Gables in real estate circles. Assisting John will be Stella Vidal as well other members from other ComReal Miami operations.
ComReal also serves the South Florida market from its ComReal | Miami-Doral office located in the Miami Free Trade Zone, as well as from ComReal Ft. Lauderdale in Broward County. For more information on this story and other commercial real estate news, please visit www.ComReal.com.