The average vacancy rate decreased to 3.8% and the average lease rates have increased to $11.76 per sq. ft. Landlords continue to drive rates up while giving tenants fewer concessions. Over 5MM sq. ft. is under construction in Miami’s industrial real estate market, however the net absorption for this quarter was only about 200,000 sq. ft. The largest sales transaction this quarter was TA Realty’s acquisition of an industrial portfolio owned by Cofe Properties based here in Miami. Another smaller, but very significant deal was Badia Spices’ purchase of a class B+ warehouse building for $175 per sq. ft. It is these kinds of prices that are turning property owners into sellers.
Our team has been extremely active the past several months as you will read below. Please feel free to contact us if we can assist you with your commercial real estate needs. Thank you very much.
If you would like to read last quarter’s report, please view: ComReal’s Miami Industrial Real Estate Report for the 2nd Quarter 2018. >>>
Wal-Mart leases 25,000 SF in Miami Cargo Park at 3400 NW 74th Avenue. We thank Edison for his efforts on making this deal happen!
Miami Warehouses Sold in 3rd Quarter 2018 (partial list):
|Buyer||Size SF||Property Address||Sale Price||$ PSF|
|TA Associates Realty||932,500||Portfolio||$92,000,000||$99|
|CenterPoint Properties||397,585||7000 NW 32 Avenue||$22,960,000||$58|
|RREEF||290,000||5255 NW 159 Street||$21,350,000||$75|
|Elion Partners||97,189||16100 NW 49 Avenue||$10,300,000||$106|
|Realterm Logistics||28,500 on 10 acres||7500 NW 82 Place||$10,000,000||n/a|
|Badia Spices||54,361||2101 NW 82 Avenue||$9,500,000||$175|
|Blanco Ordonez||46,488||8975 NW 26 Street||$7,400,000||$159|
|Elion Partners||59,135||2875 NW 77 Avenue||$7,230,000||$122|
|Liquid Energy Apparel||35,016||470 NE 185 Street||$4,250,000||$121|
* Deals closed by the ComReal Miami Industrial Team
Miami Warehouses Leased in 3rd Quarter 2018 (partial list):
|Tenant Name||Size SF||Property Address|
|Crowley Maritime||285,985||10205 NW 108 Avenue|
|Perez Trading||114,000||3505 NW 123 Street|
|Summit Aerospace||93,177||8130 NW 74 Avenue|
|Imperial Dade||70,400||10801 NW 97 Street|
|Interworld Freight Line||63,300||9705 NW 108 Avenue|
|Apollo Export Warehouse||60,000||2930 NW 75 Avenue|
|SMT Duty Free||50,000||8935 NW 27 Street|
|Kerry Freight||43,500||11250 NW 122 Street|
|ArjoHuntleigh||32,459||3840 W 104 Street|
* Deals closed by the ComReal Miami Industrial Team
Sold! Realterm Logistics Closes on $10M Site then Re-Lists the Property for Lease with ComReal:
Chris Spear, CCIM led the way to close a $10,000,000 transaction with Realterm Logistics. The site is located at 7500 Northwest 82 Place in Medley and measures about 10.8 acres with a 28,000 sq. ft. warehouse building. It is challenging to find properties in Miami consisting of larger industrial lots and smaller buildings. The sale reflected a land value of about $20.00 per sq. ft. Upon closing, Realterm re-listed the property for lease. Be sure to watch the Aerial Drone Video Tour. >>>
Congrats to Mort Fetterolf for representing ArjoHuntleigh in their lease of a 32,459 SF warehouse space at Countyline Corporate Park!
The Airport Palmetto Corridor Report!
Pat McBride has led the ComReal team by specializing in The Airport Palmetto Corridor which is comprised of 17,500,000 square feet of industrial buildings. According to Pat’s research, the area is very dynamic. Boasting average sales asking prices of $135 per sq. ft., rental rates above $10.00 sq. ft., and a 96.9% occupancy rate, the Airport Palmetto Corridor is one of the top sub-markets in the nation. Please click here for The Airport Palmetto Corridor Report. >>>
Companies Relocating to Florida!
A trend that Florida has been experiencing the past several years is that businesses from New York and Illinois are relocating to Florida. Quality of life, the weather and lifestyle choices are some of the main reasons. “Pay them in sunshine” as the old Florida saying goes. However, many businesses are making the economic decision to move to Florida because their states have higher taxes, more government regulations, crime and corruption. Read the full story at Companies Relocating to Florida. >>>
On behalf of her client, Hellmann Worldwide Logistics, Patricia Quintana CCIM subleased a portion of their office space at their USA headquarters at 10450 Doral Boulevard.
Welcome Pat McBride to the ComReal Industrial Team!
Pat McBride, Commercial Advisor, specializes in the sale and leasing of warehouse space in Miami-Dade County. His services include landlord representation, buyer/tenant representation, consultations, and site selections. Pat graduated from the University of Miami with a Bachelor’s degree in Accounting in 2013 and also earned his JD from the University of Miami School of Law in 2016. Prior to joining ComReal, Pat practiced law at a well-known construction law firm in Miami where he represented various notable architects and engineers in South Florida. He also gained invaluable experience representing developers and owners. While Pat enjoyed his time in the legal profession, he is following his true passion in Commercial Real Estate.
Welcome to Miami! ComReal welcomes our friends with Henry Edwards Equipment Services to Medley. They leased 8k SF on over two acres. Hard to find small buildings with extra land.
Our Team supports Rick Scott for U.S. Senate and Ron DeSantis for Florida Governor!
We support Rick Scott for U.S. Senate and Ron DeSantis for Florida Governor because we believe in free & fair trade, low taxes, low government regulations and low crime.
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.