miami industrial real estate stats midyear 2013

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:

tenant seeks warehouse space in miami

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):

flex space miami

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):

 

TenantSize SFProperty Address
Ozburn-Hessey Logistics (OHL)185,52010733 NW 123 Street
US Cold Storage143,2107025 NW 37 Avenue
Expo Convention Contractors123,40915600 NW 15 Avenue
Vista Color Corp75,0001401 NW 78 Avenue
Senator International70,00010315 NW 112 Avenue
TricorBraun64,00010315 NW 112 Avenue
Excelcare53,0009710 NW 110 Avenue
Global Perishables51,0001665 NW 102 Avenue
Pro AG CHB Logistics44,0001800 NW 133 Avenue
AAR40,0007100 NW 12 Street
Traffic Tech37,00010811 NW 122 Street
KGL America31,9751419 NW 84 Avenue
Chep Aerospace US29,45112650 NW 25 Street

 

Miami Warehouses Sold in 2nd Quarter 2013 (partial list):

BuyerSize SFProperty AddressPrice$ PSF
Lincoln Property846,6519000 NW 106 ST$59,850,000$71
Miami Business Park330,0007007 NW 37 AV$8,750,000$26
Terreno Realty306,9248940 NW 24 TR$23,725,000$77
Prologis162,5583333 NW 116 AV$8,080,000$49
Miami Dade Printing73,50416111 NW 13 AV$3,600,000$49

 

MOL Comfort Ship Sinking:

MOL Comfort Breaks (Source: gCaptain)

MOL Comfort Breaks (Source: gCaptain)

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:

lykes commercial insurance miami

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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<<< Please click here for a printable PDF version of this report. >>>

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