Agrinova Company Grows its Warehouse in Miami
Agrinova Company completed the acquisition of its warehouse in Miami on December 13th, 2010. The company is expanding its operation as the demand for vegetable seeds in the Caribbean and Latin America is growing rapidly. Agrinova will relocate from its current location at 8530 NW 66th Street to its newly acquired location at 3347 NW 74th Avenue. “Our company has been able to grow during this recession, greatly in part to the continuous demand for seeds globally, especially in the Caribbean and Latin America.” mentioned Aldo Suarez, CPB, manager for Agrinova’s Miami warehouse operations. For more info, please call 305-629-8390 and/or visit www.agrinovaseed.com .
Agrinova Company was represented by ComReal’s Miami Warehouse Team. “We understood the unique requirements and using our market knowledge we were able to find the right property. The current market conditions also benefited Agrinova to acquire the property at a great price.” commented Edison Vasquez. The property acquired was at 3347 NW 74th Avenue; a 5,858 sq. ft. warehouse located only blocks from Miami International Airport. The property was purchased for $545,000 (+/- $93/SF). Fairchild Partners Inc. represented the seller, Force Investment 3345-3347, LLC.
For additional details on this sale and for information on other properties available, contact the Miami Warehouse Team at 786-433-2380.
ComReal Miami Industrial Real Estate Market Report 1st Quarter 2010
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.
| Property Address | Sales Price | $ PSF | Size (SF) | Class | New Owner |
| 2250 NW 114 Avenue | $3,950,000 | $135 | 29,257 | A | Zoom Logistics |
| 11450 NW 34 Street | $2,500,000 | $118 | 21,084 | A | Productos Varios Proval |
| 2900 NW 77 Court | $3,300,000 | $86 | 38,042 | B | Blanco Ordonez |
| 8925 NW 26 Street | $2,000,000 | $93 | 21,384 | A | Master Freight America |
| 8150 NW 64 Street | TBD | TBD | 52,000 | B | TBD |
| 9955 NW 58 Street | $1,950,000 | $113 | 17,203 | A | Interstate-McBee Properties |
| 1550 NW 96 Avenue | $1,810,000 | $88 | 20,436 | B | Gaia USA LLC |
| 9880 NW 77 Avenue | $1,950,000 | $97 | 20,001 | B | 9880 Palmetto LLC |
| 7005 NW 46 Street | $1,300,000 | $69 | 18,944 | B | Consolidated Farms |
| 1740 NW 69 Avenue | $1,000,000 | $23 | 43,168 | B | 1740 NW 69th Avenue LLC |
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.
Zona Libre de Miami
“Boston MedDevice International and Coastal International Logistics expande sus servicios con CIL Forwarding, al Sur de la Florida, en la Zona Libre de Miami”
“Desde la Republica Dominicana, Europa y los Estados Unidos por vía Miami hacia el resto del mundo”
La Compañía Boston Medical Device International (BMD) ha elegido a Miami como sede para su ampliación mas reciente. Con este fin, han arrendado un espacio de 25,000 pies cuadrados para instalar sus oficinas y depósitos en la Zona Franca de Miami, localizado en el 2305 NW de la Avenida 107, en la ciudad del Doral, Florida. En este depósito de Miami, se almacenaran dispositivos médicos distribuidos en toda América Latina por la Compañía Boston Medical Device International, una compañía con sede en Boston, y especializada en dispositivos médicos y con operaciones directas en los principales países de América Latina. Estos productos serán traídos desde diferentes plantas productoras como de la Republica Dominicana, los Estados Unidos y Europa y se consolidaran en al Zona Franca de Miami. Desde allí serán despachados directamente a todos los países de América Latina en vuelos de carga, así como en contenedores por vía oceánica desde los puertos del Sur de la Florida y el Aeropuerto Internacional de Miami. Debido a que este depósito está localizado dentro de una zona de comercio internacional, toda la mercancía que se envíe a otros países no será gravada con las tarifas de los Estados Unidos.
La Compañía CIL Forwarding actuara como el operador de los depósitos de BMD. CIL es una compañía de logística y transportes con base en Jacksonville, Florida. Ambos prestan servicios de transporte de carga en todo el mundo, con una amplia red de depósitos. Chris Hood, de CIL, indica que “BMD es exactamente la clase de clientes a quienes disfrutamos prestando servicios. Los dispositivos de BMD exigen un almacenaje y procesos operacionales muy precisos con el fin de cumplir con los requerimientos específicos de cada destinación en América Latina. Estamos muy contentos de poder poner a disposición de BMD nuestros servicios y experiencia en la zona de comercio internacional de Miami y en el exterior”.
CIL estuvo co-representada por los Agentes Edward Redlich, SIOR, Christoper Spear y Edison Vásquez de ComReal Miami, Inc. así como Jeff Graham, SIOR de King Industrial Realty / CORFAC International. Redlich y Graham son miembros de la elite Sociedad Fiduciaria Industrial y de Oficinas (SIOR).
“Cuando la compañía Logística Internacional Costera (CIL) nos contacto por primera vez en nombre de BMD a propósito de su plan de ampliar sus operaciones al Sur de la Florida, inmediatamente seleccionamos dos ubicaciones con espacio disponible entre 20.00 y 30.000 pies cuadrados. Finalmente les presentamos un poco más de sesenta espacios de bodega disponibles entre los Condados de Miami-Dade y Broward,” recuerda Vasquez. “Los factores decisivos para elegir el deposito en la Zona Franca de Miami fueron el hecho de estar en zona libre internacional, la calidad del espacio, así como la flexibilidad para expansiones futuras.”
Cargo Ventures es propietario y además opera la zona Franca de Miami, en un complejo de 850,000 pies cuadrados. El presidente de Cargo Ventures, Jake Citrin, indico “estamos muy contentos de que BMD y CIL se hayan unido a mas de 60 compañías en la Zona Franca de Miami que se han venido beneficiando del hecho de operar en una de las zonas de comercio internacionales más grandes en el país.”
Para más información sobre esta transacción y sobre el Mercado industrial de Miami en general, contactar a Edison Vasquez al 786-433-2383 correo electrónico EVasquez@comreal.com
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