Company relocates from New York to Miami Florida Warehouse
1 Sale A Day, an e-commerce company from New York has relocated to Miami, Florida. Their new headquarters is now at 5960 Miami Lakes Drive in Miami Lakes.
1 Sale A Day now rents a smaller warehouse space in New York. The South Florida warehouse will be more than triple this size. Over 40 new jobs have already been created and perhaps over a jobs over the next several years. About forty of their current employees will also be relocating to South Florida. One of the main reasons that 1 Sale A Day is relocating to South Florida for the quality of life, affordable real estate and lower taxation.
The free-standing Miami warehouse space leased is just over 100,000 sq. ft. in size. 1 Sale A Day first retained ComReal in early 2010 to search for available warehouse spaces in South Florida. “The first search was for a 50,000 sq. ft. warehouse, but the requirement was steadily growing.” commented Christopher Spear. ComReal provided multiple comprehensive packages for both Miami-Dade and Broward Counties. The Miami Lakes warehouse was leased because of its location, functional layout and the economical rental rate. The property owner was represented by Tom Kimen of Easton Realty.
“Florida is definitely a pro business state. 1 Sale A Day is lead by a highly energetic, creative and entrepreneurial executive team. These are the types of companies and businessmen that we want to recruit more of. We really enjoy relocating and expanding clients here to sunny South Florida. Furthermore, we do see a trend of more businesses bailing out of states like New York and California to come to more pro-business states like Florida. We do not have a state income tax and are a right to work state.” Explained Ed Redlich. “As Governor Rick Scott exclaims: Let’s Get to Work!”
1 Sale A Day is led by Ben Federman, CEO and is a daily deal website, that offers deeply discounted products that are only available for a 24-hour period. There is one product in each of their five categories: Wireless, Watch, Family, Jewelry, and the Daily Deal. The products are then replaced with a new discounted product the following day. Visit www.1SaleADay.com.
To learn more about other lease and sales transactions in South Florida, please contact the ComReal Companies at 786-433-2380 or visit www.MiamiWarehouseTeam.com .
Miami Industrial Real Estate Market Report Third Quarter 2011
The sales and leasing activity remained steady for Miami’s industrial real estate market in the 3rd quarter of this year. Vacancy rates decreased slightly to 8.4% during this period while the average lease rates increased slightly to $7.15 per square foot. In comparison, the national averages are 9.6% and $5.13 psf respectively. The past and present facts in this report may provide us with some optimism for both the Miami industrial real estate market and the local economy.
The only newly-constructed warehouse to mention is GOYA’s completion of their 338,000 sq. ft. warehouse located at 13300 Northwest 25th Street. However, the most significant news is the announcements of four new construction projects of bulk-sized, Class A warehouse buildings by institutional investors, totaling just over 1,000,000 sq. ft. Three of the developments are within walking distance of each other. What is even more amazing is the fact that all of the following warehouses are being constructed entirely on a speculative basis!
| Warehouse Name | Location | Size in Sq. Ft. |
| Miami International Distribution Center | Airport West Dade | 335,000 |
| DCT Commerce Center | Airport West Dade | 334,000 |
| Beacon Lakes, Building #12 | Airport West Dade | 200,000 |
| Flagler Station | Medley | 170,000 |
You might be asking yourself right now if there is enough recent activity to encourage spec development? Our conservative response is “probably yes”. If a company is seeking to lease over 50,000 sq. ft. in these sub-markets there are less than ten choices right now with several prospects now currently in the market looking. Perhaps the most recent, closed deals in these sub-markets are the best indication of the near future. Check out this list of all of the leasing and sales transactions in the past six months of 25,000+ sq. ft. warehouses in Airport West and Medley.
Warehouses Leased:
| Address-
3315 NW 70 Avenue |
Tenant Name-
Banah Sugar |
Size in Sq. Ft.-
150,000 |
| 8551 NW 30 Terrace | Univision | 100,000 |
| 11380 NW 34 Street | Paris Accessories | 100,000 |
| 2900 NW 112 Avenue | PAS Cargo USA | 85,000 |
| 2000 NW 97 Avenue | ProFlowers | 85,000 |
| 7001 NW 25 Street | USA Tile | 70,000 |
| 11401 NW 134 Street | Trans-Trade | 65,000 |
| 2003 NW 70 Avenue | Perelly Transport | 45,000 |
| 7390 NW 43 Street | Telemundo | 35,804 |
| 7001 NW 25 Street | Rosy Freight | 40,000 |
| 8201 NW 56 Street | Sterling Transportation | 28,500 |
| 1951 NW 89 Place | Cargo International | 26,000 |
Warehouses Sold:
| Address | Size in Sq. Ft. | Sale Price | $ PSF | Buyer |
| 6100 NW 74 Avenue | 180,000 | $10,350,000 | $58 | TA Associates Realty |
| 7901 NW 71 Street | 180,000 | $10,300,000 | $57 | Costex |
| 12855 NW 113 Court | 168,201 | $28,600,000 | $170 | Frifa Inc. |
| 3450 NW 115 Avenue | 87,531 | $6,850,000 | $78 | Seagis |
| 3651 NW 79 Avenue | 70,000 | $6,625,000 | $95 | Miami-Dade County |
| 8050 NW 90 Street | 57,203 | $3,500,000 | $61 | Haines Capital Group |
| 2950 NW 74 Avenue | 46,686 | $3,600,000 | $77 | Consolidated Farms |
| 1325 NW 78 Avenue | 46,500 | $3,200,000 | $69 | Seagis |
| 8000 NW 25 Street | 45,500 | $3,500,000 | $77 | PS Business Parks |
| 11460 NW 39 street | 44,284 | $4,400,000 | $99 | Terreno Realty |
| 1601 NW 70 Avenue | 35,000 | $4,000,000 | $114 | Terreno Realty |
| 9590 NW 25 Street | 25,000 | $2,550,000 | $102 | PH Cell |
| 7005 NW 46 Street | 19,000 | $1,800,000 | $95 | Joco Produce |
Graph for Asking Prices for Miami-Dade County Industrial Properties
So after several years of zero speculative construction, what else has caused the institutions to become even more bullish on Miami? The reasons are that land values are low enough to make for attractive acquisition opportunities which is exactly as ComReal predicted in its 2010 Year-End Industrial Market Report >>>
Institutional investment companies are looking at the global picture which includes the expansion of the Panama Canal and the recent passing of the Foreign Trade Agreements (FTA’s) with Panama, Colombia and South Korea. Miami is preparing by making major upgrades to its transportation infrastructure including renovation of the Palmetto (SR826) and Dolphin (SR 836) Expressways ( www.826-836.com ) ; deep dredging the Port of Miami channel to 50’; repairing the FEC Railway; new construction of the Miami Tunnel and the Miami Intermodal Center (www.micdot.com); and new terminals at Miami International Airport. According to Miami-Dade County’s Office of Economic Development and International Trade (OEDIT) , “The airport and seaport continue to see consistent double-digit, year-over-year gains in international trade.” All of these transformations are expected to have a major, collective impact on Miami’s warehouse industry. The essence of Miami’s industrial market is truly about exploiting its international trade routes and relationships.
To learn of other trends and activity details, please contact ComReal’s Industrial Real Estate Team at 786-433-2380 and/or visit www.MiamiWarehouseTeam.com. We are always available for a friendly, but confidential discussion in regards to evaluating your warehouse space needs and business opportunities.
WAREHOUSE CONDOS IN MIAMI AIRPORT WEST DADE
The Third Quarter ended fairly stable with sales prices for class A warehouse condos in the Miami Airport West Dade sub-market at approximately $138 per sq. ft. There were no known sales for this quarter, however ComReal Miami did sell the property at 8565 NW 29 Street in Beacon Centre North for $787,000 or $109 per sq. ft. in June.
For those companies leasing class A warehouse condos in Doral, average lease rates should be around $8.25 to $8.50 per sq. ft. quoted as an industrial gross amount. In the last quarter, two known leases were completed within the Airport West Dade, class A condo parks. The leasing of 30,000 sq. ft. in Doral Commerce Park at $7.50 per sq. ft., and 8,700 sq. ft. in the International Corporate Park at $10.95 per sq. ft. Going hand in hand with the lease rates, the vacancy rate at the end of the quarter is 13.1% and is inching its way down.
For a more detailed study of Miami Airport West Dade Class A Warehouse Condos, please call Dan Berkovitz at 786-433-2098 or email at dberkovitz@comreal.com.
PRESS RELEASES !!!
ComReal represented 1 Sale A Day, an e-commerce company, in their relocation from New York to lease a 100,000+ sq. ft. warehouse space in Miami Lakes. Read more about the deal about the Miami Lakes Warehouse >>>
Sterling Transportation, Inc. moved from Medley to lease 28,500 sq. ft. on a long term basis. ComReal represented the owner. Read more about the distribution warehouse in Doral >>>
WAREHOUSE IN HIALEAH FOR SALE
ComReal has just listed a 57,000 sq. ft. warehouse that can be sold to an investor or an owner/user. For more details, please read further about the Hialeah warehouse for sale >>>
Distribution Warehouse in Doral Leased
Sterling Transportation, Inc. leases a warehouse space in Doral, Florida. Sterling Transportation, based in California, inked a lease to expand into a 28,500 sq. ft. distribution warehouse in Doral. The warehouse is located at 8201 Northwest 56th Street, Doral, Florida, 33166. This property consists of a freestanding building on 1.55 Acres; twenty-one loading docks and a ramp. It is close to major highways and minutes from Miami International Airport.
The Landlord, Peter T. Austen Trustee, was represented by ComReal Miami’s Stephen H. Smith, SIOR, Edward Redlich, SIOR, CCIM and Edison Vasquez. “This property was originally designed for transportation companies. There were several companies interested in the property; its features and location makes it a desirable property. It’s a great fit for Sterling Transportation,” commented Edison Vasquez. The Tenant, Sterling Transportation, was represented by Mimi Chao, SIOR from Di Giacomo Group.
The Industrial sector of Airport West Dade / Doral is experiencing a significant increase in sales and leasing of properties. According to CoStar, the vacancy rate for warehouses in this area currently stands at 8.4%; about 2% less than the national average. Being close to Miami International Airport and major expressways, along with its newer buildings, makes the Airport West Dade / Doral market attractive for numerous distribution and transportation companies.
For additional details on this lease and for information on other properties available in Miami, contact the Miami Warehouse Team at 786-433-2380 or visit: www.MiamiWarehouseTeam.com. You may also contact Sterling Transportation at 305-471-7580 or visit www.sterlingtransportation.com.
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