miami industrial real estate stats midyear 2016

Midway through 2016 and the industrial market continues to grow. Once again average lease rates have increased slightly to $9.41 per sq. ft. and the vacancy rate has decreased slightly to only 4.4%. In our opinion, many of the available industrial properties are either overpriced and/or have functional challenges.

The largest lease transaction of the past quarter was Pricemart’s new 330,000 sq. ft. warehouse space at Flagler Station in Medley. COFE Properties’ acquisition of the 167,000 sq. ft. Webster Business Park for $16M was the largest sales transaction. In addition, we understand that South Florida Logistics Center’s six buildings are under contract to be sold this summer.

Several outside forces have been recently affecting the thought process of key decision makers in regards to industrial real estate in Miami. These issues include the opening of the new Panama Canal; the United Kingdom’s exit (BREXIT) from the European Union; the upcoming U.S. presidential election as well as a pending recession. Although we do not yet know the final effects, each are surely being taken into consideration. In the meantime, folks seem more immediately concerned with their summertime vacation schedules and avoiding any direct hits from hurricanes.

In case you missed our prior report, click this link for ComReal’s Miami Industrial Real Estate Report for the 1st Quarter of 2016. >>>


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Global logistics company, Seafrigo USA, expands to Miami warehouse just-in-time for new Panama Canal.

redlich desseigne mayor spear

Ed Redlich, Stephane Desseigne, Mayor Gimenez and Chris Spear at PortMiami.


We are pleased to announce that Seafrigo, a global logistics company, is expanding their logistics services into the South Florida market, just-in-time for the new Panama Canal. Seafrigo is headquartered in France and specializes in the food logistics industry. The 30,000 sq. ft. warehouse space is located at 3200 NW 67th Avenue, in South Florida Logistics Center, in Miami.

“To our knowledge, Seafrigo becomes the first major company to locate to Miami partially due to the new Panama Canal expansion.” states Edward Redlich, SIOR, CCIM, Vice-President with ComReal. “This happens to be the fourth client that our team has represented in South Florida Logistics Center for a total of over 225,000 sq. ft. What is interesting is that all four tenant’s headquarters are based outside of the USA: France, Colombia and two from Canada. Three of the four clients are new to Miami. Miami is growing in a global marketplace!”

For the full story, please visit Seafrigo USA Warehouse in Miami. >>>


Miami Warehouses Leased in 2nd Quarter 2016 (partial list):

Tenant Name Size SF Property Address
Pricesmart 330,000 10800 NW 100 Street
Eco Window 149,980 8502 NW 80 Street
Neutralogistics 105,920 8502 NW 80 Street
GAP Forwarders 31,759 11411 NW 107 Street
Seafrigo USA 29,268 3200 NW 67 Avenue
Main Freight USA 26,005 11411 NW 107 Street
Cortex USA 25,230 8501 NW 17 Street
Suero Oral 23,115 11411 NW 107 Street
Aerothrust 21,000 1580 NW 82 Avenue


Miami Warehouses Sold in 2nd Quarter 2016 (partial list):

Buyer Size SF Property Address Sale Price $ PSF
Pasadena at the California 216,312 600 NE 215 Street $9,450,000 $44
COFE Properties 167,200 7250 – 7280 NW 25 Street $16,600,000 $99
GPT NW 32nd AVE 123,125 11150 NW 32 Avenue $8,150,000 $66
16542 Holdings LLC 92,889 16542 NW 54 Avenue $4,820,000 $52
2320 NW 147th Street LLC 77,000 2320 NW 147 Street $3,200,000 $42
Edgeconnex Miami 68,165 475 NE 185 Street $8,040,000 $118
AXL LLC 60,000 7265 NW 74 Street $3,500,000 $58
Terreno Realty 53,558 1940-1970 NW 70 Avenue $6,400,000 $119
Interglass Holding Co 52,000 8150 NW 64 Street $4,600,000 $88
Victoria’s Armoire 45,899 5150 NW 37 Avenue $2,780,000 $61
Alfoncito Investments Inc 45,711 1090 NW 23 Street $4,500,000 $98
Segura Holdings of Florida 44,000 7500 NW 25 Street $3,800,000 $86
1800 Warehouse LLC 37,500 1800 NW 96 Avenue $1,580,000 $42
67th Street 31,720 3300 NW 67 Street $2,210,000 $70
Bonamar Coporation 26,000 12380 NW 116 Avenue $3,750,000 $144



Featured Property: 28,500 sq. ft. Warehouse Space in Doral for Sublease!

micc warehouse space‘Class A’ warehouse for sublease located at 8190 NW 21st Street in Doral, Florida. This property is situated in a prime location within Miami International Commerce Center (MICC) and offers the following features:

  • 28,540 SQ. FT.
  • 14 DOCKS & 1 RAMP


Redlich Battles Against Sales Tax on Commercial Leases

As 2016 Chairman of the Commercial Alliance for Florida Realtors, Ed Redlich’s primary goal for the year will be to reduce or eliminate the sales tax on commercial lease agreements. “Our biggest goal is getting the state sales tax reduced on commercial leases. It’s not fair. A sales tax on property taxes is double taxation,” Mr. Redlich said.



“Did you know? Some warehouse buildings in the City of Doral are paying about $2.00 per sq. ft. in property taxes plus an additional $.14 cents per sq. ft. in Florida state sales tax on top of that. Example: a 10,000 sq. ft. building would pay $21,400 per year in property and sales taxes. This is exorbitant and double-taxation. Not fair!” – Ed Redlich


ComReal Miami Client Seeks to Purchase Industrial Land:

seeking miami commercial property

  • Total Size: 5 to 10 Acres.
  • Location: Miami-Dade County (North of Dolphin Expressway).
  • Zoning: Industrial.
  • Timing: 2016 – 2017.
  • Purpose: Construction of a 100,000+ sq. ft. distribution warehouse.

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