ComReal Miami Wins Power Broker Award
ComReal Miami has recently been awarded the 2010 CoStar Power Broker award. The award was given to the top ten commercial real estate brokerage firms who had the largest volume of property sales transactions for the year. Of the top ten commercial brokerage firms that received the award in Miami-Dade County, ComReal is the only regional brokerage firm that specializes in industrial real estate.
“The market was tough. The economy was hard. And the top dealmakers, well, they stood tall, brave and faced the market like true power brokers. They put in long hours, sacrificed weekends and the results are proof of their incredible dedication and talent. Now it’s time for the industry to recognize these top dealmakers. CoStar is proud to announce the winners of the 2010 CoStar Power Broker Awards.” reports CoStar Group.
The industrial sales brokers in 2010 consisted of Michael Weihl, Chris Spear, Edison Vasquez and Ed Redlich, SIOR, CCIM. “ComReal’s team is very proud to have won this industry award.” states Ed Redlich, ComReal’s Vice-President. “CoStar’s assistance is instrumental in serving our clients’ needs. Our team consistently competes with the larger, national companies by using CoStar’s services for property site selections, sales comparables, market reports and more. In the end, our clients are the real winners.”
ComReal’s largest transaction was the sale of the 127,000 sq. ft. warehouse located at 7000 NW 33rd Terrace. At a sales price of $7,650,000, this was the largest industrial deal sold to an owner-user in 2010. In addition, ComReal sold another large warehouse and logistics business in Miami-Dade County, however the details were not disclosed due to confidentiality.
CoStar Group, Inc., an online commercial real estate service provider, recently made national headlines with the announcement of its $860M acquisition of its main competitor, LoopNet, Inc. “For more than two decades, CoStar has revolutionized the way commercial real estate professionals access and analyze information. Similarly, LoopNet has been at the forefront of creating dramatic efficiencies in how people market commercial properties. Together we will bring the full benefit of the Internet to commercial real estate with a broad array of complementary solutions for the complete range of real estate participants, from large national brokerage firms and institutional players to small local brokers and property owners.” states CoStar. Visit www.CoStar.com for more details.
For more information on Miami industrial real estate, please visit the ComReal Miami Warehouse Team at www.MiamiWarehouseTeam.com or call 786-433-2380.
ComReal in Miami Free Zone
ComReal is in the Zone… the Miami Free Zone that is. ComReal Miami recently relocated its Industrial Division into a 2,000 sq. ft. office space located in the mall level of the Miami Free Zone in the City of Doral. Their new address is 2335 NW 107th Avenue, Doral, Florida, 33172 in Suite #2M02, Box 126.
The ComReal Companies, a full-service commercial real estate brokerage firm serving domestic and international clients in South Florida announced today the relocation of its Industrial Division of ComReal Miami to the Miami Free Zone (MFZ) in the City of Doral.
The name ComReal is synonymous with industrial real estate in the Doral and Miami Airport West Dade areas. They were visionaries in the original development of the district over thirty years ago, and then continued to provide industry-leading broker services during the area’s rapid growth period. Today, ComReal’s proven processes utilize their experience, market knowledge and state of the art resources to provide superior performance in understanding and delivering their client’s objectives.
For several years, ComReal Miami has been working with the MFZ showcasing and leasing space in the MFZ because of the flexibility and ability to accommodate individual needs. By moving their own offices into the MFZ, ComReal principals are investing in their commitment to changing business practices. Another factor that drove ComReal to make the move into the MFZ is the expected growth of its client’s international business and opportunities.
The premium services provided by the MFZ and the convenience of its location are key drivers attracting increasingly more international trade companies to Miami. The free zone is an ideal location for international businesses seeking economically affordable showrooms, offices, and warehouse spaces, while enjoying the benefit of less tense custom and taxation jurisdictions.
“The Miami Free Zone gives us the opportunity to be even closer to other businesses involved with international trade, such as manufacturers, logistics, importers and exporters, freight forwarders, and their respective service providers,” said Edward Redlich, SIOR, CCIM, Executive Vice-President and Director of the Miami company’s Industrial Division.
ComReal offers its clients a comprehensive range of services and stands ready to serve the globalization of its corporate clients in the international marketplace. The MFZ is known as a premier location for international trade, which offers unsurpassed exposure to thousands of foreign and local business owners who visit the zone every year.
“By being within an active foreign trade zone facility, ComReal and its client’s are in a prime position to explore new markets efficiently, while saving money”. said Arcelio Gerardo, General Manager of FTZ World Services, LLC., the operator of the Miami Free Zone. The Miami Free Zone ( www.MiamiFreeZone.com ) is an 850,00 sq. ft. facility consisting of both office and warehouse spaces.
For over thirty years The ComReal Companies have played an integral role in the commercial real estate development of South Florida. If you would like to discuss employment opportunities, available office and warehouse spaces, trends in the marketplace and/or just the real estate market in general, please contact Ed Redlich, Vice-President at 786-433-2379.
ComReal Miami Industrial Real Estate Market Report Year End 2010
Welcome to 2011. In these times of uncertainty, you may always rely on the fact that ComReal’s quarterly reports for the Miami industrial real estate market are both a valuable resource for your business and always refreshingly candid. Enclosed you will find specific examples, backup data and our professional opinion of trends in the market. We start off by stating two of the more significant statistics for 2010 overall. First, the vacancy fell by about two points to about 9%. Secondly, the overall activity for both leasing and sales increased significantly from the prior two years. If these trends continue into 2011, we will likely see lease rates and purchase prices stabilize; perhaps even increase. However, much depends on our national economy and the international trade industry which affects Miami so dramatically.
Of all of the real estate property types in Miami, the industrial category seems to be the most active. However, for buyers and tenants, the best deals may be behind us. The “early majority” of end-users that recently acquired industrial real estate took advantage of the lower pricing and terms for the best properties. The “late majority” of end-users to come along in 2011 may expect higher pricing, higher interest rates and fewer good, functional properties to choose from.
If you are an end-user such as a manufacture or distribution company, there is an important trend that you ought to be aware of which we describe as the “Walmart-ization” of Miami’s warehouse market. What this means to you is that most of the larger warehouse properties are aggressively being acquired by institutional investment firms such as REIT’s. Only about 10% of warehouses in Miami are owner-occupied. If a good opportunity to buy a free-standing warehouse building comes along, you’d better buy it or you may not find another! Del Valle Brands Distribution timed the market perfectly in December by acquiring a 127,000 sq. ft. warehouse. At a purchase price of $7,650,000 (or $60 psf), this was the largest transaction by an owner-user in all of 2010. ComReal Miami was the only broker in the transaction and successfully created a win-win for both the buyer and seller. << Read more here >>
Below is a list of Miami warehouse buildings sold in the sub-markets of Airport West Dade and Medley:
Address Closed Date: Sale Price $ PSF Size in Sq. Ft.
6400 NW 72 Avenue January $4,340,000 $115 37,562
11380 NW 34 Street January $6,700,000 $73 90,973
11401 NW 134 Street January $15,200,000 $57 268,000
11450 NW 34 Street February $2,500,000 $118 21,084
2900 NW 77 Court February $3,300,000 $86 38,042
8925 NW 26 Street February $2,000,000 $93 21,384
8150 NW 64 Street March $2,500,000 $48 52,000
8570 NW 68 Street March $1,800,000 $85 21,000
9955 NW 58 Street March $1,950,000 $113 17,203
1550 NW 96 Avenue March $1,810,000 $88 20,436
2250 NW 114 Avenue March $3,950,000 $135 29,257
7005 NW 46 Street April $1,300,000 $69 18,944
1740 NW 69 Avenue April $1,000,000 $23 43,168
7970 NW 56 Street April $1,480,000 $52 28,224
8221 NW 54 Street June $2,100,000 $50 41,581
3655 NW 115 Avenue August $3,661,000 $102 35,720
5460 NW 78 Avenue July $710,000 $56 12,517
7301 NW 77 Street August $1,000,000 $61 16,284
7939 NW 84 Street August $67,000,000 $75 882,895
1850 NW 94 Avenue September $1,420,000 $89 15,856
7000 NW 33 Terrace December $7,650,000 $60 127,010
6990 NW 25 Street December $3,640,000 $70 52,000
Another significant statistic is that there is almost zero warehouse space under construction which will help increase the occupancy levels of existing warehouse. The best deal for industrial real estate right now is vacant land. This is because nobody else is buying it. The drawback is that lenders are very reluctant to finance, so your best bet is owner financing or pay all cash. Prices for vacant land are about half-off from peak levels in 2007. Within six months you may expect an announcement of a major, new construction project and by the year’s end a significant ground-breaking. There does appear to be a renewed sense of optimism as we commence this year. Some of this is credited to Governor Rick Scott’s “Florida is open for business” campaign and the Port of Miami’s three projects: the 50’ dredge, the FEC railroad and the tunnel.
Miami Logistics Business and Warehouse Sold!
Michael Weihl of ComBiz Miami in cooperation with the ComReal Miami Warehouse team successfully brokered the disposition of a Miami logistics business opportunity and warehouse space. The total transaction was valued at more than $4,000,000, involved six different companies and over 200,000 square feet of Miami warehouse space. << Read more here >>
Miami Cooler Warehouse Available
This Miami warehouse is complete with coolers making this an ideal refrigerated distribution center for perishables. The total size of the space is 53,000 square feet including 11,000 sq. ft. of office space and 42,000 sq. ft. of warehouse space. The property is located at 2011 Northwest 70th Avenue in the Miami industrial real estate market located near Miami International Airport. According to MIA air cargo statistics: over 70% of perishables, 86% of flowers and 70% of fruits & vegetables are imported into the United States via MIA. Learn more by clicking here: Miami’s Air Cargo.
The refrigerated warehouse in Miami is now available for sub-lease for an asking rate of $8.50 per square foot, on an industrial gross basis. It was previously occupied by Dole Flowers, Sunburst Farms and Trans World Forwarding. The neighbors include Armellini Express, Mayrshon International, Flying Foods, Gate Gourmet and more. The warehouse space has ten dock height loading doors; 19′ clear ceilings and is fully sprinklered. This warehouse is ideal for the distribution of perishables, flowers, foods, beverages and produce.
For more information about this Miami cooler warehouse space and others, please contact The Miami Warehouse Team at 786-433-2380 and/or visit www.MiamiCoolerWarehouse.com
Sgt. Dan Berkovitz recruited to the Miami Warehouse Team.
Dan Berkovitz was born in Israel to an Israeli mother and Romanian-born father. After high-school, Dan joined the Marine Corps and served 4 years in supply/logistics within an artillery battalion. Dan was awarded the Navy Achievement Medal for superior performance of duty during his second tour overseas during Operation Iraqi Freedom by decongesting a heavily congested supply-chain system. This exemplifies Sergeant Berkovitz’s logistical knowledge, his tenacity to get the job done, and his leadership experience.
After the Marines, Dan Berkovitz went to college at Florida International University and graduated in 2010 with a Bachelor of Business Administration with a concentration in management. Dan has been the President of the Florida International University (FIU) Real Estate Student Association (RESA). He is now President of the Real Estate Alumni & Affinity Council for the FIU Alumni Association and School of Business alumni (2010) and member for the Greater Miami Jewish Federation Real Estate committee.
Industrial Real Estate Events
January 2011
Ed Redlich, Edison Vasquez and Dan Berkovitz attended the CCIM Miami Commercial Real Estate Outlook Conference. Visit www.MiamiCCIM.com.
January 2011
The Miami Warehouse Team and Michael Weihl attended the Commercial & Industrial Association of South Florida (CIASF) 2011 Industrial Market Report for Miami-Dade County. << Click here for the entire report >>
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