The Airport West and Medley industrial submarkets in Miami-Dade County continue to be the most vibrant in the nation. In this first quarter of 2011, there has been well over 1,000,000 square feet of warehouse space leased in these submarkets alone. This is the second, consecutive quarter of such activity. In these two quarters combined, ComReal has tracked over twenty five deals over 25,000 sq. ft. Below is a list for the 4Q 2010 and 1Q 2011 of the new tenants in Airport West Dade and Medley:
Tenant Name Total Size (Sq. Ft.)
Global Furniture 180,000
Aeropost International 176,000
Exel 137,600
Betty Dain Creations 130,000
Modus Link 114,000
Deal Tire 112,000
Great China Empire 91,000
CIF Group 85,000
Manray Express 70,000
Martiner 65,000
AMCAR 59,600
Concept Elevator 57,000
ACE Hardware 57,000
Wal-Mart 56,800
Freight Logistics 50,000
Allied Caribbean 45,700
Yusen Air & Sea 42,000
Seaboard Marine 36,800
ZTI Tires 36,000
Extreme Aviation 36,000
Nippon Express USA 35,000
Hydrofarm 35,000
Kintetsu 30,000
Quick Shipping 28,000
Retailer Forever 21 25,600
Orion International 25,000
Welch Allyn 25,000
The overall vacancy for Miami-Dade County has fallen to 8.5%. The past six months have been extremely active. If you compare the first quarter of 2009, tenants were simply not leasing any space. The largest lease transaction was only 20,000 sq. ft. and there were only three transactions over 10,000 sq. ft. By comparison, in this first quarter of 2011, there have been over forty transactions over 10,000 sq. ft.
Below are several warehouses that were sold in Airport West Dade this quarter of 2011. Notice that K+N, Star Computer and American Med were the only users that purchased; the others are institutional investment firms.
Name of Warehouse Buyer Address Size (Sq. Ft.) Price PSF
• Airport Int’l. Ctr. TA Assoc Realty 6100 NW 74 AV 179,000 $10,350,000 $57
• Transal Park Seagis 8305 NW 27 ST 113,000 $8,750,000 $77
• Kintetsu USA DCT 8551 NW 30 TR 100,000 $7,500,000 $77
• Miami Int’l. Bus. Park Star Computer 3600 NW 114 AV 51,000 $6,800,000 $133
• Miami Int’l. Bus. Park AMB 11380 NW 34 ST 85,000 $5,200,000 $61
• Medley Ind. Park Kuehne + Nagel 12800 NW 107 CT 69,000 $4,700,000 $67
• Fingerlakes American Med 2400 NW 95 AV 36,000 $3,400,000 $92
If you are interested in leasing or purchasing warehouse space within the next year, we suggest that you start looking today. Become educated on the market conditions now so that you will understand where the best opportunities are. Judging by these recent trends and facts, we may expect lease rate to increase and available warehouse spaces to diminish. There is very little construction of industrial buildings in Miami-Dade County. The best opportunity may be to acquire vacant, industrial land and build to suit construction. Land in Airport West Dade and Medley has fallen from its peak of $1,000,000 per acre ($25 psf) to as little as $400,000 per acre ($10 psf). Miami-Dade County is surrounded mostly by water and swampland. If you are considering buying industrial land, then do so this year!
If you are interested, visit here for the << Miami Industrial Market Report for Year End 2010 >>
Medley Distribution Center Leased to Allied Caribbean
Allied Caribbean, a distribution company based in Beacon Industrial Park in Doral, will now be relocating to a new 45,700 sq. ft. warehouse space at 11000 Northwest 92nd Terrace in Medley. Allied was represented by ComReal Miami’s Warehouse Team during the site selection and lease negotiation processes. To read more about the story, visit << Medley Distribution Center >>
ComReal is in the Zone
ComReal is in the Miami Free Zone that is. The industrial warehouse team could not be happier with their relocation into their new office space within the Miami Free Zone in Doral. ComReal Miami’s new address is 2335 NW 107th Avenue, Suite #2M02, Box 126, Doral, Florida, 33172, USA. In May, the ComReal team will be sponsoring a free workshop on foreign trade zones. Please let us know if you are interested in attending. Why would a commercial real estate company move into a foreign trade zone? Why should you consider moving your business there too? Read the reasons why at << ComReal is in the Miami Free Zone >>
Miami-Dade County Business Development Mission to Panama
In June, Edward Redlich will visit Panama along with a twenty other delegates from Miami-Dade County Economic Development and International Trade, Enterprise Florida and Panamanian American Chamber of Commerce. Please send Ed your ideas and opinions about doing business with Panama before he departs. For more details, visit << Business Development from Miami to Panama >>