Florida has a long history of being a great state for real estate. The old time salesmen have a saying: “pay them in sunshine”. In addition to great weather, Miami has the opportunities, the trade routes and the relationships that other markets simply do not. Miami possesses connections with not only Latin America, but around the entire world. The industrial market in Miami experienced nearly 3M sq. ft. of positive absorption in 2014. Average sales prices rose to about $86 per sq. ft. and average lease rates to $8.39 per sq. ft. The vacancy rate went down from 6.3% year-end 2013 to 5.6% now. That is even taking into consideration the approximately 2M sq. ft. of new warehouse space that was constructed. In other words, the market is absorbing warehouse space faster then it is being built. In our opinion, half of the available product is either severely over-priced and/or dysfunctional making the true vacancy rate closer to just 3%.
The most significant lease transaction last year was Amazon.com’s new 336,000 sq. ft. warehouse space. This is the first time that they have been in our market. It is important to point out that the only other new lease transactions over 100,000 sq. ft. last year was by Elite Flower Services and Pilot Air. Miami is not a bulk-sized space market. It is comprised of smaller warehouse spaces that really add up. Two noteworthy sales in 2014 were Clarion Partners’ acquisition of three warehouse buildings totaling 317,000 sq. ft. known as Westpointe Business Park in Doral and COFE Properties, a local investment group, acquired a portfolio of small bay warehouse buildings in the Airport West sub-market.
In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 3rd Quarter of 2014 >>>
Elite Flower Leases Cooler Warehouse at South Florida Logistics Center:
The ComReal Miami Warehouse Team is pleased to announce the successful transaction involving their client, Elite Flower Services, and their long term, lease acquisition of 107,360 sq. ft. of warehouse space at South Florida Logistics Center. Of the five largest transactions in South Florida involving refrigerated warehouses, ComReal has been instrumental in four of them. For more on the story, visit Elite Flower and South Florida Logistics Center. >>>
Bolivians Buy Warehouse in Miami:
The ComReal Miami Industrial Team sold one of the largest warehouses in Homestead (southern Miami-Dade County) for $3,450,000. The buyers are from Bolivia, South America and are in the manufacturing and import/export industry. For more details on the story, read on at Warehouse Sold in Homestead, Florida. >>>
Miami Warehouses Leased in 4th Quarter 2014 (partial list):
| Tenant | Size SF | Property Address |
| Pilot Air | 148,000 | 2323 NW 82 Avenue |
| Elite Flower | 107,360 | 3200 NW 67 Avenue |
| GA Telesis | 96,389 | 7000 NW 32 Avenue |
| Furniture Mart | 72,184 | 6891 NW 74 Street |
| Solutions 2 GO | 51,711 | 3200 NW 67 Avenue |
| Filthy Food | 38,645 | 16500 NW 15 Avenue |
| Atlas Paper | 34,153 | 1000 SE 8 Street |
| Tropical Foods | 32,000 | 1665 NW 102 Avenue |
* Transaction(s) brokered by The ComReal Companies.
Miami Warehouses Sold in 4th Quarter 2014 (partial list):
| Buyer | Size SF | Property Address | Price | $ PSF |
| Mariner Commons | 241,694 | 20400 NE 16 Place | $17,500,000 | $72 |
| Gramercy Property Trust | 184,210 | 3350 NW 112 Street | $10,100,000 | $55 |
| Terreno NW 131st Street | 91,986 | 11205 NW 131 Street | $8,930,000 | $97 |
| DCT 2141 NW 72nd Avenue | 89,669 | 2141 NW 72 Avenue | $4,900,000 | $55 |
| Mitsuba de Bolivia |
55,000 | 1011 NW 6 Street | $3,450,000 | $62 |
| Almakare Ventures | 47,015 | 8975 NW 26 Street | $5,300,000 | $113 |
| 8800 NW 79 Avenue | 44,114 | 8800 NW 79 Avenue | $4,500,000 | $102 |
| 9800 Palmetto | 39,809 | 9800 NW 78 Avenue | $3,750,000 | $94 |
| Rainbow Warehouse | 31,821 | 1360 NW 88 Avenue | $1,775,000 | $56 |
* Transaction(s) brokered by The ComReal Companies.
Edward Redlich Selected as Miami Commercial Realtor of the Year!
The ComReal Companies are honored that Edward Redlich has been selected out of over 1,700 commercial Realtors in South Florida as the “2014 Commercial Realtor of the Year” by the Realtor Commercial Alliance (RCA) of Miami. Although Redlich volunteers heavily with several organizations, he still made time to lead his team to book over $45,000,000 worth of sales/lease transaction volume in 2014. For more details about these accomplishments, please read further at Edward Redlich, Miami Commercial Realtor of the Year. >>>