Midway through 2018 we can report that the industrial real estate market in Miami remains very vibrant. The average gross lease rate has increased from $10.01 to $10.30 per sq. ft. The average vacancy rate has decreased from 4.4% to 4.1%. There has been a significant amount of deal volume, including three major sales transactions: Hellmann Logistics’ 240,000 sq. ft. sale-leaseback of their USA headquarters, Lincoln Property’s purchase of a fully-leased 302,000 sq. ft. warehouse in Hialeah, and Duke Realty’s acquisition of the first three new buildings totaling 1,200,000 sq. ft. at Flagler Development’s Countyline Business Park (see the pricing on each below).

There is over 4,000,000 sq. ft. of industrial buildings under construction. In addition, several more warehouse developments are in the pipeline. Astute buyers are also acquiring industrial land since the inventory is dwindling and prices increasing. The ComReal Team closed two land deals in the month of June totaling $7,000,000.

There’s also a national trend that we’ve been experiencing for several years, but now it is even more noticeable. States with higher taxes, more government regulations and democratic socialism (such as New York, Illinois and California) are losing their business to business-friendly states like Florida. The income tax rate in Florida is 0.0% whereas these other states are as high as from 5% to 13%. In addition, property taxes in Florida are not as exorbitant, which is even more relative now since the IRS reductions have been reduced. Expect to see more industries consider Florida for their new operations!

If you would like to read last quarter’s report, please view: ComReal’s Miami Industrial Real Estate Report for the 1st Quarter 2018. >>>


Miami Warehouses Sold in 2nd Quarter 2018 (partial list):

BuyerSize SFProperty AddressSale Price$ PSF
Duke Realty1,200,000 3760 W 108 Street$180,000,000$150
Industrial Logistics Properties240,66610450 Doral Boulevard$43,100,000$179
Lincoln Property301,983215 SE 10 Avenue$24,300,000$80
Dayan Family211,8523630 NW 25 Street$22,750,000$107
Falcon Distributors77,5003201 NW 116 Street$5,950,000$77
Eleni 7350 LLC64,0847350 NW 30 Avenue$5,750,000$90
NES Financial88,862 6955 NW 52 Street$5,250,000$121

 

 

Miami Warehouses Leased in 2nd Quarter 2018 (partial list):

Tenant NameSize SFProperty Address
Cooper General Global Service153,2928501 NW 17 Street
Foreign Parts Distributors152,8003000 NW 125 Street
Dade Paper & Bag70,42411441 NW 107 Street
Neutralogistics68,7878501 NW 80 Street
AAR Aircraft Services50,0007850 NW 25 Street
ABC Supply Company45,0001001 W Mowry Drive
Esquire Logistics44,1608272 NW 21 Street

 


Featured Property: 14.6 Commercial Acres in Florida City for Sale!

601 NW 3rd Avenue Florida City

 

ComReal is honored to exclusively represent the City of Florida City in their disposition of this 14.6 acre commercial site located on Krome Avenue in Florida City. For details on this new listing, please check out: Florida City Commercial Land for Sale. >>>


Sold! 8 Industrial Acres on Palmetto Expressway!

Sold! 8 industrial acres sold for $5,500,000. This heavy industrial site is located on the Palmetto Expressway. For more details on this transaction, read on at Palmetto Industrial Land Sold. >>>


Sold! 10 Industrial / Agricultural Acres in Redland, Florida!

ComReal also specializes with agricultural properties. Last month, our team sold 10 acres in Redland, Florida where a few of us have lived. Read more about our story at 10 Acres Sold in Redland, Florida. >>>


ComReal Happenings: Ed Redlich and Edison Vasquez on FIU Real Estate Panel

Florida International University (FIU) hosted its Spring 2018 Real Estate Speaker Series on May 15th, 2018. It focused on the state of the Industrial Real Estate in Miami and career advice for starting in commercial real estate. Ed Redlich and Edison Vasquez are both FIU alumni and participated on the panel. Read more about the FIU Real Estate Panel on Miami Industrial Real Estate. >>>


comreal miami doral

ComReal Miami – Doral’s New Location!

Please visit ComReal Miami – Doral’s new office on the ground floor of The Royal Palm Office Park at 8200 NW 41st Street in Doral, FL. We’re located just off of the Palmetto Expressway near The Doral Country Club. Please update your records with our new address: 8200 NW 41st Street, Suite #155, Doral, FL 33166.


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