Posts Tagged ‘miami warehouse’

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.

If your business is expanding and/or relocating, be sure to consider Atlantic Racks & Shelving for all of your warehouse racking and shelving needs. Atlantic Rack is located here in Miami and our team recommends this service provider to all of our warehouse space users for their warehouse racking and shelving needs. Atlantic Rack has over sixty 60 years of servicing the United States, Caribbean and Latin America. They serve your warehouse and storage needs for pallet racks, shelving, drive-in racks, push back racks, industrial fans, rolling ladders, pallet jacks, lockers, structural mezzanines, in-plant offices and more. For more information, please contact them below:

Atlantic Rack
16100 NW 48 Avenue
Miami, FL 33014
Call 305-887-5777 or 866-310-7225 toll free
www.atlanticrack.com

Glen's Tents Warehouse

Airport International Center welcomes the expansion of one of it’s longest tenants, Glen’s Tents. For over twenty years, Glen’s has been serving Florida and the Caribbean. Glen’s Tents and special events rentals now occupies over 9,000 sq. ft. of Miami warehouse space at AIC. They are located at 6120 NW 74th Avenue in Miami, Florida 33166. For details, contact them at 305-592-3328 or visit www.GlensTents.com.

AIC consists of 180,000 sq. ft of warehouse spaces for lease in Miami and is located on the Palmetto Expressway off of NW 58th Street. Other tenants including importers and exporters, freight forwarders, construction, building supplies and more. For info on leasing at AIC and other warehouses in Miami visit www.AirportInternationalCenter.com or phone 786-433-2380.

Miami Tents and Events

Miami Warehouse at 7379 NW 31 Street

A 60,000 sq. ft. warehouse building at 7379 NW 31st Street sold last week for $4,750,000 (or about $79 psf). The warehouse is a “Class B” property with dock height loading, heavy electric, fully sprinklered and the Miami warehouse was full air conditioned. The Property was foreclosed on by the lender, Great Florida Bank, then placed on the market for sale. The new owner is Martinez Distributors and they are in the food distribution business.

ComReal represents several other warehouse buildings in the Airport West & Doral neighborhoods for lease and/or sale. Please contact us anytime or visit my personal website at www.EdwardRedlich.com for more information. Thank you very much.

Note: ComReal was not involved in this transaction. This is public information on Miami’s industrial real estate market.

warehouse in miami 7379 nw 31 street