The Homestead Park of Commerce

We are pleased to announce the sale of 28 acres located within The Homestead Park of Commerce in south Miami-Dade County. The closing price was $10,900,000. (There was also an additional, non-disclosed assignment fee).

The Buyer is EastGroup Properties, Inc. (NYSE: EGP), a S&P Mid-Cap 400 Company who is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis on Florida. The purpose of their acquisition is to construct four class A warehouse buildings for a total of about 400,000 sq. ft. The estimated delivery date is the third quarter of 2023.

The Seller was Doug, LLC who contracted to sell the property to Violet Capital who subsequently assigned the contract to EastGroup. “The Homestead / South Dade submarket will be South Florida’s next hot industrial market as demand for industrial space in Homestead continues to increase. It is becoming very difficult to find large industrial land sites within Miami-Dade County to develop Class A industrial projects. The Homestead area still offers these opportunities to developers of industrial space. The presence of large national companies such as Amazon, FedEx and others in this area along with the continued population growth in the Homestead area will continue to push rental rates up. Homestead has become the southern hub for South Florida commerce. Big names like Amazon, FedEx, Copart, Atlantic Sapphire and EcoSteel have already started creating a foothold in this rapidly expanding city.” – states George Pino, SIOR, RPA | President of State Street Realty, who represented Violet in the transaction.

EastGroup was represented in the transaction by The ComReal Miami Industrial Team of Ed Redlich, SIOR, CCIM, Patrick McBride, Esq., Chris Spear, CCIM and Edison Vasquez, CCIM with The ComReal Companies. “This is a very exciting and significant project for both the south Miami-Dade industrial market as well as the local community. The new warehouse construction will attract industrial businesses to the growing area and create hundreds of employment opportunities for local residents.” states Redlich. “Our team looks forward to marketing the project as South Dade continues to attract both large commercial investments and residents in droves. The project will provide a great option for the strong demand for dock high warehouse space in the area.”

For more information about this sale and other properties, please contact the ComReal Team at 786-433-2380.

October 2020 – ComReal is proud to announce the sale of +/- 117 acres within The Homestead Park of Commerce in South Dade and welcome Copart USA to the City of Homestead! The sales price was $34,746,716. Copart was represented by the ComReal team including Ed Redlich, Ron Redlich, Chris Spear, Edison Vasquez, Mort Fetterolf and Patrick McBride. The seller, HPDG 1-4, was represented by the team at JLL. Both parties, along with their respective brokers and legal team at Holland & Knight worked together to effect the transaction.The collective efforts of all parties involved helped lead to a successful conclusion despite some delays caused by the China virus.

In early 2019, Copart contacted Ed Redlich about acquiring a +/- 100 acres industrial site in Miami-Dade County for their catastrophic response operations to temporarily store vehicles that sustain damage from natural disasters. The ComReal team prepared a comprehensive site selection of available properties that would suit their needs. The Homestead Park of Commerce was selected due to it’s availability, industrial zoning and economical price within the Miami marketplace. For over twenty years, this site has had challenges with prior owners, market conditions and issues with the site itself including compatibility issues within the flight path of the US Air Force base. The determinism by Ed Redlich, and his father Ron, finally found the once-in-a-lifetime solution.

Ed Redlich states that “This project is truly a win-win-win-win-win! A win for the U.S. Air Force Base, a win for the ownership, a win for Copart USA, a win for the City’s residents and a win for local construction workers.” Redlich was “Redland raised” in Homestead for 20+ years and graduated from South Dade High School in 1991. He volunteered with The Homestead Vision Council for over a decade and had the honor of serving as the Chairman of the Board from 2006-08. Throughout their career, the Redlich’s have sold hundreds of acres of land and assisted their clients in creating hundreds of jobs in the South Dade community including Dunham Bush Air Conditioning, Sea Hunter Boats, Deco Truss Company, Flowers Bakery, Enterprise Rent-A-Car and more.

“There is plenty of land for more businesses and job creation to come to the South Dade community.” Redlich adds. “Let’s all work together to go recruit more businesses and demonstrate that “Homestead is open for business”.

For more information on this deal and other commercial properties available, please contact ComReal at 786-433-2380. Thank you very much.

595 East 10th Avenue, Hialeah, Florida

Closed! The Industrial Team at ComReal announces the successful sale of the 39,000 SF warehouse facility at 595 E 10th Avenue in Hialeah, Florida. The seller, 595 Realty Corp, was represented by Patrick McBride, Esq. and Edward Redlich, SIOR, CCIM. CarSafe Storage purchased the warehouse for $3,350,000.

The property was extensively marketed for lease prior to the seller testing the sale market. Our team recognized the strength of the market, lack of buildings for sale, and advised the seller that the building would garner far greater attention on the sale side as prospects prefer to own in this neighborhood.

Once listed for sale, the property gained a ton of attention and we quickly had multiple offers. As we were about to finalize a purchase contract in early March with a buyer in the food industry, specifically in restaurant service, the China virus pandemic hit, and the buyer was forced to walk away at the last minute. In April, after the initial shock of the pandemic wore off yet still in the depths of the uncertainty and the economic crisis created by the virus, we were able to create a bidding war with multiple offers. This is a testament to the strength of the Miami industrial market.

In fact, the property sold for approximately $112 psf on a footprint basis, as the property features a 6,000 SF concrete mezzanine and 3,000 SF of second story office space. The buyer plans multiple improvements to the building, including a new roof, which makes the purchase price that much more impressive. “This property sold at the top of the market, and perhaps set a new bar in the neighborhood on a per square foot basis when you factor in the second floor mezzanine area and the deferred maintenance needed to make the property suitable for a new user” said McBride.

The eastern portions of Hialeah and the East Airport market have seen quite the impressive growth in both sale prices and rental asking rates over the past five years. This sub-market is becoming increasingly attractive to both users and investors as e-commerce continues to drive the need for in-fill development in areas located as close to population centers as possible. Owners in the area should take note that there will be a large volume of pent up demand from users who have contractual leases set to expire or who were looking to purchase a facility in 2020 for their operations but have now been delayed.

Give us a call if you have a warehouse coming available or you would like to further explore the options available to you in the market!

Click the image to listen to Edward Redlich on the Forum Biz Talk Radio Show

On today’s episode of The Business Forum Group, radio show host Peter De La Torre has a discussion with Edward Redlich about the Miami industrial real estate market as well as the opening of the Miami economy.

“Delayed deals are better than dead deals” states Redlich. His team has been working with clients over the past couple of months to keep deals in progress. Miami is positioned perfectly to be the epicenter of business and industry in the western hemisphere. Redlich explains that “We have the trade routes and relationships to take advantage of the production and supply chain shifts away from China. Our government’s lock down is harming small businesses, not helping.” As Miami business leaders, Redlich and De La Torre also present their case to reopen our economy expeditiously and move forward.

Redlich calls out so-called local leaders who are absent in advocating for small businesses. “Where are our chambers of commerce? Where are our civil rights advocates? Where are the legal professionals defending our Constitutional rights? The “business bullies” have intimidated all of them to not speak out against the mainstream dogma.”

For more information on The Business Forum Group, please visit www.bizforumgroup.com as well as 880 AM The Biz at www.880thebiz.com.

Where We Go One, We Go All !!!

#openMiami #openFlorida #openAmerica #OpenTheEconomy #WWG1WGA

[click the play button to start listening to the radio show]

Edward Redlich has worked in the Miami industrial real estate market for over 25 years. He has volunteered as the Society of Industrial & Office Realtors (SIOR) Florida Chapter Past-President; Past-President of the Certified Commercial Investment Members (CCIM) Miami District; Past-Director of the Florida Realtors and National Realtors as well as the Past-Chairman of the Miami Realtors Commercial Alliance (RCA). One of Redlich’s projects was to lobby the state of Florida for the reduction of the state sales tax on commercial leases. Redlich has taken multiple trade missions to China, Hong Kong, Peru, Panama, Germany and the Netherlands. Since his tours of China in 2006 and 2007, he has been semi-boycotting the Chinese Communist Party (CCP). Redlich is a strong advocate for American values. In addition, he believes in free-market, laisseze-faire capitalism for all the good people of the world. In his spare time, Redlich has studied economics, history, and geo-politics.

Cooler distribution warehouse in Miami is now for lease! The entire building or just a portion. Refrigerated warehouses in Miami rent quick! Please see below and also check out the AERIAL DRONE VIDEO OF MIAMI COOLER WAREHOUSE. >>>

• +/- 29,00 – 75,000 SF Total Space Available
• +/- 6,000 SF Office
• 32 dock doors equipped with levelers, 1 oversized street level
• 165’ non-shared truck court
• Heavy Power, 3-Phase

For more info and a tour, call us at 786-433-2379. Thank you.