Midway through 2013, ComReal is pleased to report that the average lease rates increased to $7.86 per sq. ft. and the vacancy rate decreased slightly to 6.4% within the Miami industrial real estate market. According to our sources, there are fewer on-the-market properties available for sale and lease. The “days on market” has also been dropping slightly for the past three years. Sales prices and lease rates are rising steadily over the same period. Although owners may be pleased with the values of their properties increasing, keep in mind that interest rates are also rising so prospective buyers will have a challenge affording the purchase of properties with both an increase in price plus higher interest rate.
There were two jumbo sales transactions during the 2nd quarter. The first was the sale of multiple class B buildings totaling 306,924 sq. ft. within Americas’ Gateway Park in Doral located at the southwest corner of NW 87th Avenue and 25th Street. The sale closed in May for a total price of $23,725,000 or $77 per sq. ft. The seller was TA Associates Realty and new owner is Terreno Realty. The second sale occurred in June. Lincoln Property acquired eleven buildings totaling 846,651 sq. ft. located in the Medley submarket. The purchase price was $59,850,000 or $71 per sq. ft. The Seller was again TA Associates Realty and the buyer was Lincoln Property Company.
The two largest leases of the past few months were OHL’s lease of the 185,520 sq. ft. space at 10733 NW 123rd Street in Medley. This is a very impressive, brand new facility owned by IIT. The second lease deal worth mentioning was the 143,000 sq. ft. refrigerated warehouse space in Miami at 7025 NW 37th Avenue by US Cold Storage. It is also exciting to report that Building 1 at South Florida Logistics Center by Flagler Development is almost near completion.
In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 1st Quarter of 2013. >>>
Read about Edison Vasquez’s recent tour of the cargo facilities at Miami International Airport. >>>
Client Seeks 90,000 sq. ft. Warehouse to Lease:
ComReal Miami, Inc. represents a national, credit tenant who seeks to lease a +/- 90,000 sq. ft. warehouse space with the requirements listed below. Please send us any properties that you may have available. Thank you very much for your consideration.
- Total Size: From 80,000 to 100,000 sq. ft.
- Office Size: From 2,000 and up to 7,000 sq. ft.
- Loading: Dock height with 1 ramp.
- Class Type: A or B.
- Location: Miami-Dade County.
- Use: Distribution and storage.
- Timing: 1st Quarter 2014.
Miami International Commerce Center (MICC):
Please check out our new listing at 8000 NW 25th Street within Miami International Commerce Center in Doral. This is a 45,000 sq. ft. flex space building that was recently acquired and renovated by PS Business Parks. ComReal is pleased to report that we have already successfully leased 30,000 sq. ft. leaving only the 15,000 sq. ft. unit available in the front along 25th Street. Feel free to contact us anytime for more info and/or to arrange a tour. Visit our website for this listing at www.FlexSpaceMiami.com
Miami Warehouses Leased in 2nd Quarter 2013 (partial list):
|Tenant||Size SF||Property Address|
|Ozburn-Hessey Logistics (OHL)||185,520||10733 NW 123 Street|
|US Cold Storage||143,210||7025 NW 37 Avenue|
|Expo Convention Contractors||123,409||15600 NW 15 Avenue|
|Vista Color Corp||75,000||1401 NW 78 Avenue|
|Senator International||70,000||10315 NW 112 Avenue|
|TricorBraun||64,000||10315 NW 112 Avenue|
|Excelcare||53,000||9710 NW 110 Avenue|
|Global Perishables||51,000||1665 NW 102 Avenue|
|Pro AG CHB Logistics||44,000||1800 NW 133 Avenue|
|AAR||40,000||7100 NW 12 Street|
|Traffic Tech||37,000||10811 NW 122 Street|
|KGL America||31,975||1419 NW 84 Avenue|
|Chep Aerospace US||29,451||12650 NW 25 Street|
Miami Warehouses Sold in 2nd Quarter 2013 (partial list):
|Buyer||Size SF||Property Address||Price||$ PSF|
|Lincoln Property||846,651||9000 NW 106 ST||$59,850,000||$71|
|Miami Business Park||330,000||7007 NW 37 AV||$8,750,000||$26|
|Terreno Realty||306,924||8940 NW 24 TR||$23,725,000||$77|
|Prologis||162,558||3333 NW 116 AV||$8,080,000||$49|
|Miami Dade Printing||73,504||16111 NW 13 AV||$3,600,000||$49|
MOL Comfort Ship Sinking:
If you have not seen the shocking images of the MOL Comfort Ship sinking, please checkout the story and photos posted by our friends at Lilly & Associates International at MOL Comfort Sinks. >>>
Service Provider of the Quarter:
For your commercial property and business insurance needs, please consider our friends at Lykes Insurance. They have been in business since 1952 with offices all over Florida including one here in Miami in the City of Coral Gables. Below is their contact info. Feel free to tell them ComReal sent you. Visit here for more info on Lykes Commercial Insurance. >>>
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