Archive for the ‘News & Press Releases’ Category

Since many of ComReal Miami’s customers are doing business within the Miami commercial properties located in the Miami Airport West Dade sub-market, we wanted to bring this important issue to your attention. If you own (or lease) a commercial property in the Miami Airport West Dade area, then you should be aware of several pending annexations by nearby municipalities.

How will this affect you? Property taxes may increase from 2% to 24% depending on which city your property falls within. The annexation boundary lines are somewhat bizarre, but will make more sense once you realize that the cities are after more property tax revenue from these Miami commercial properties. These cities include Doral, Medley, Miami Springs, Sweetwater and Virginia Gardens. Both owners and tenants should be concerned about this issue because it will increase property taxes during an economic period when we ought to be finding ways to reduce operating expenses for commercial properties and businesses.

If you have further questions on this issue, there is help. On Friday, August 6th, 2010, Mr. Tom Dixon delivered a presentation at the CCIM Miami luncheon on this topic. Some of his presentation can be viewed below. Mr. Tom Dixon may be reached by calling 305-443-4966 or visiting his website at www.dixoncommercialre.com. ComReal Miami would strongly recommend Mr. Dixon if you would like to consider filing an appeal for your Miami-Dade County commercial property tax assessment. For Mr. Dixon’s full report on the impact of annexations, please click here: [Impact of Annexations] as well as the map links below to see if the annexation will effect your property.

On August 20th, 2010, Edward Redlich was quoted in The Real Deal: “Every customer of mine now asks me about property taxes, because it’s just one of the many operating expenses they have to pay — one of the largest ones,” he said. “We get that all the time. Here we are in a recession and trying to find a way to work ourselves out of it and taxes just keep going up. And if we are successful and reduce the assessments on commercial properties, then they just raise the millage rates.” Redlich went on to say “Even if we are successful this year, they will just come back next year, and the year after that. The Revenuers are very progressive knowing that most businessmen have better things to do then bother with these incredibly audacious political issues.”

If you are interested in learning more and participating with neighborhood commercial property owners in challenging the annexations, you might like to get involved with The Airport West Business Association, Inc.

City of Virginia Gardens Annexation (click for larger map)

City of Doral Annexation (click for larger map)

City of Medley Annexation (click for larger map)

City of Miami Springs Annexation (click for larger map)

If you are interested in learning more you may also want to attend the next Miami-Dade County annexation committee meeting on Wednesday, September 8th, 2010 at 2 PM. The meeting will be located at the Stephen Clark Center, 111 NW 1st Street, 2nd Floor in downtown Miami.

Note: This blog was posted with the prior consent of Dixon Commercial Real Estate.

Is the Miami industrial real estate market back in 2010?

If the first quarter will be of any indication for the rest of the year then the answer is absolutely YES! This quarter experienced a very significant amount of activity in the Miami industrial real estate market especially when compared to the prior quarters in 2009.

In the Airport West submarket, ComReal reports that ten (10) warehouse buildings of 20,000 sq. ft. and over have sold this quarter to owner users. That is more than all of last year! This is of great significance. It also appears that prices for both class A and B building have stabilized. Only two of those sales were considered distressed. For details on each of the Miami warehouse buildings that sold see below and/or call us for discussion.

In regards to leasing activity, ComReal tracked thirteen (13) leases executed for warehouse spaces over 25,000 sq. ft. in the Miami industrial real estate market. (These warehouse spaces were class A and B only). Although leasing activity has increased, landlords are still offering major rental concessions such as free rent and tenant improvement allowances. We have been informed that one industrial park has actually increased their asking lease rate. The ComReal Miami Warehouse Team was responsible for over 200,000 sq. ft. of new lease transactions. Feel free to read more about the following stories:

• Armellini Leases Miami Warehouse Space>>
• Aggreko Leases Miami Industrial Property>>
• South Florida Warehouse Lease by MSI Stone Importer and Distributors>>
• Boston Med Devices Leases Warehouse at Miami Free Zone in Doral>>

The significant volume of sales and leasing activity this quarter may be a statement that the industrial market is beginning to stabilize. We really will not know until late into 2010 if this upward trend continues.

If you are considering the acquisition of new warehouse space, anytime in 2010 may be a good time to lease or purchase before purchase prices and lease rates begin to increase. One thing that may be for sure is that interest rates may increase so this is another reason to act soon. So if you identify a functional property that suits your business operation needs and it’s well priced, you ought to act expeditiously to get it under control.

ComReal Miami Welcomes Edison Vasquez to its Industrial Team

ComReal is pleased to announce the addition of Edison Vasquez to its Miami industrial real estate team. As a graduate from Florida International University’s (FIU) Master of International Real Estate, Edison is well positioned to assist clients in the transactions of commercial properties. Before joining ComReal Miami, Edison collaborated with several brokers in numerous transactions at Grubb & Ellis. Edison, a native from Ecuador, is fluent in Spanish which suits him well to serve Latin American business. “Miami is the gateway to business in Latin America and with my language and the support of a well established firm, such as ComReal Miami, the opportunities for growth are limitless.” states Mr. Vasquez.

ComReal Miami address change

The ComReal Miami office has moved to a new location in Doral. The new address is 9500 Doral Boulevard, Suite #103, Doral, Florida 33178. Our phone numbers and emails remain the same. Our website is www.ComRealMiami.com.

For over 30 years, The ComReal Companies have played an integral role in the commercial development of South Florida. The ComReal Miami office has always proudly been headquartered in The City of Doral. Now its main office will be at The 9500 Building adjacent to BBU Bank on the prestigious Doral Boulevard (NW 41st Street) across from the Doral Country Club.

Throughout its history, ComReal is credited with several major transactions along Doral Boulevard including Univision’s 153,000 sq. ft. facility, Miami-Dade County Fire Department’s acquisition of the 172,000 sq. ft. former Eastern Airlines Headquarters and the 127,000 sq. ft. IVAX facility. It is only fitting that ComReal now joins these impressive landmarks along Doral Boulevard.

[Julio Reyes of Aggreko with Edison Vasquez & Christopher Spear of ComReal Miami Warehouse Team.]

Just after servicing both Super Bowl XLIV and the Pro Bowl, Aggreko now announces its long term growth and expansion plans by leasing an industrial property right here in Miami. Aggreko was represented by ComReal Miami’s industrial real estate team comprised of Edward Redlich, SIOR, CCIM, Christopher Spear and Edison Vasquez.

The Miami industrial property consists of a warehouse building of 30,000 square feet constructed in 2004 that sits on a 3 acres industrial site. The property is located at 3601 NW 123rd Street, Miami, Florida in Seaboard Industrial Park.

“In the Fall of 2009, Aggreko contacted our team to help assist with their expansion requirements.” recalls Ed Redlich. “They were seeking an industrial property centrally located in Miami-Dade County with a high land to building ratio, which is not too easy to find. We prepared a comprehensive Site Selection and identified several properties that suited their criteria. While negotiating on the subject property, we simultaneously coordinated due diligence inspections which is something most good brokers must do nowadays.” Aggreko is currently located in a smaller facility at 9100 NW 97th Terrace in Medley, Florida. The owner of this property was so impressed by the industrial team’s professionalism that he hired ComReal to list his property for sale or lease since Aggreko will be vacating. The warehouse is 10,000 sq. ft. and sits on 1.25 acre. Visit http://comrealmiami.blogspot.com/2010/02/new-listing-medley-warehouse-available.html

Aggreko is a world leader in the rental of industrial generators and the distribution of power. The $2 billion company is headquartered in Scotland. Aggreko operates in over 133 locations in one hundred different countries with over 3,000 employees. They serve industries such as events, construction, contracting, food & beverage, government, facilities management, manufacturing, distribution, fuels, oil, gas, petrochemical, shipping, telecommunications, utilities and power generation. For more information, visit www.aggreko.com.

MSI Stone expands into South Florida to Atlantic Business Center at 1706 West Atlantic Boulevard, Pompano Beach, FL 33069. The ComReal South Florida warehouse team led by industrial brokers, Ed Redlich and Chris Spear,  represented MSI. Premier Commercial Realty represented the landlord. The South Florida warehouse space leased was 55,000 square feet and is ideal for warehouse distributors and importers. When compared to CoStar Realty’s 1st quarter industrial report of lease transactions, this deal is the largest industrial warehouse space leased in Broward County so far this year in 2010.

Visit MSI’s new warehouse store location in Pompano Beach, Florida at www.msistone.com/locations/pompanobeach.html or call 954-977-8984. MS International, Inc. is originally from India and their USA office is headquartered in Los Angeles, California. MSI contacted the ComReal warehouse team because of their expertise with importers and distributors with their South Florida warehouses. The Florida distribution center warehouse space was chosen due to its central location in South Florida, dock height loading, showroom space, frontage on Atlantic Boulevard and it already had an overhead crane installed with a fully recessed loading dock. MSI imports stone, granite, marble and other flooring, tile and building supplies materials from all over the world including these countries such as Africa, Angola, Canada, China, Egypt, Germany, India, Israel, Italy, Mexico, Peru, Philippines, Spain, Turkey, and more. They are one of the leading distributors and importers of natural stone in the USA with over 16,000 containers imported annually from over thirty-five countries and operate over fifteen warehouses across the globe.

“I was so impressed with MSI Stone and their website at www.msistone.com that I purchased over 400 sq. ft. of castle travertine tiles imported from Turkey.” states Ed Redlich. “The timing was perfect to get to know my new friends at MS International as I was renovating my own home. I always enjoy doing business with my customers and supporting them any way I can, including becoming a customer of theirs myself.”