Pictured: Edison, Chris, Yarisley, Cindy, Ed Red, Mort and Patty.

ComReal Expands with Launch of third franchise in South Florida, ComReal Miami–Doral, LLC

Doral, FL– ComReal, a leading commercial real estate company founded in South Florida in 1979 by Stephen H. Smith, has expanded operations with the opening of ComReal Miami–Doral, LLC. The new operation located at 2315 NW 107th Avenue, Suite #1M02, Mailbox 126, Doral, Florida 33172 is headquartered inside the Miami Free Zone building. ComReal Doral Miami–Doral, LLC was founded and will be managed by Principals: Edward Redlich, Chris Spear, and Edison Vasquez.

Redlich, a second-generation Realtor who spearheaded the opening of the Doral operations, started working for the company in 1995. “My father, Ron, introduced me to ComReal over 20 years ago. I’ve built my career here and watched our local operations expand exponentially during that time. I couldn’t be more excited to lead part of ComReal’s continual growth here in South Florida,” he said.

“We look forward to watching the expansion of commerce and industry here in South Florida through the efforts of our experienced team,” said Managing Member, Chris Spear. “ComReal has a proven record in being a leader of commercial and industrial real estate, and we will continue to encourage economic growth through our expertise in finding our clients the perfect warehouse for their industrial needs.”

ComReal Miami-Doral’s mission is to help their international and domestic clients in the acquisition and disposition of mid to large-scale industrial and office properties. Over the years, ComReal has represented all types of businesses including large, international corporations as well as smaller, local entrepreneurs. Their past and present corporate clients include: General Electric, Goodyear Tire, Burger King, Lennox Air Conditioning, PS Business Parks, Miami Free Zone, and UBS Realty Investments. ComReal Miami–Doral will initially comprise of seven associates, but are always interested in welcoming new professionals.

Edison Vasquez states that “I started my real estate career with ComReal 7 years ago and it has been an amazing experience. Miami is great city for commercial real estate! Now I feel very honored to partner with Ed and Chris in leading the ComReal Miami – Doral office. The ComReal brand is well known here in South Florida and we look forward to be part of its growth”

ComReal offices are located in Coral Gables, Fort Lauderdale, and Doral. The Doral office in the Miami Free Zone building is the only real estate company within the United States that operates in a foreign trade zone (FTZ).

About The ComReal Companies: ComReal has been assisting companies with their South Florida commercial real estate needs for over 35 years. Visit www.ComReal.com and/or call 305-591-3044 for more information. 

The largest sale of the quarter was the disposition of South Florida Logistics Center by Flagler Development to J.P. Morgan Asset Management. The property consists of six buildings totaling 867,343 sq. ft. The sale price was $209,015,000 or about $240 per sq. ft. The largest lease transaction was by Amazon.com who leased a new 860,000 sq. ft. warehouse space in Opa Locka.

Overall, the industrial real estate market will finish strong this year. However, residential Realtors are already reporting a slow down which could be another signal that the commercial real estate market may follow. In addition, a looming 2017 recession and the presidential election continue to cause anxieties with the decision making process. Will the country choose more governmentism or the free-market principles of Americanism?

In case you missed our prior report, click this link for ComReal’s Miami Industrial Real Estate Report for the 2nd Quarter of 2016. >>>

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Miami Warehouses Sold in 3rd Quarter 2016 (partial list):

Top New Miami Warehouse Listings of this Quarter:

Contact us anytime via email or phone at 786-433-2380 for other industrial properties available.Thank you!

Featured Property: The Redland Warehouse

For Sale! 55,600 sq. ft. warehouse on over 14 acres located in Redland, Florida. This property’s bonus features include extra land, both industrial and agricultural zoning, refrigerated warehouse space and CSX Railroad. Be sure to watch our aerial drone video on the property.

Vote Trump-Pence for 2016 and “Make America Great Again”!!!

2015 was a record breaking year for Miami’s industrial real estate market. Lease rates now average $9.01 per sq. ft. and sales prices average $95.94 per sq. ft. Neither stat has ever been higher. Positive absorption was a very impressive 3.9M sq. ft. bringing our overall occupancy up to over 95% (the vacancy rate is now only 4.7%). About 2M sq. ft. of newly constructed warehouses were delivered in 2015. Miami International Tradeport, Flagler Station, South Florida Logistics Center and Beacon Lakes continue to lease up expeditiously while other newly-constructed warehouses linger on the market due to inferior locations, over-sized spaces and other various reasons.

Although there are very few industrial properties for sale, all-time high rental rates and sales prices will encourage some investors to buy and some to sell. We will continue to witness existing buildings modernized and/or re-purposed entirely. Dis-functional buildings, those needing lots of improvements and/or properties in a poor location will have their values discounted.

The largest deals of the year were Prudential Real Estate’s purchase acquisition of the 978,000 sq. ft. Centergate Building in Gratigny for $95M and the largest lease deal may have been Telemundo’s new build-to-suit 567,000 sq. ft. facility on 37 acres in Beacon Lakes on the Florida Turnpike and NW 25th Street owned by Prologis. It is interesting to note that Miami recorded eight new lease transactions over 100,000 sq. ft.

The Miami industrial real estate market has a variety of industries that are doing well such as aviation, logistics, distribution, and more. These are the drivers of our market. In addition, PortMiami has recently invested in capital improvements, 50’+ deep channel, Post-Panamax cranes, the Miami Tunnel and the FEC Railroad. This has all been accomplished in preparation for the opening of the $5.25B Panama Canal expansion in April 2016.

The State of Florida, Miami-Dade County and municipal building codes continue to hinder commercial development and job creation. The bureaucracy, uncertainty and costs negatively effect business growth and development. On the bright side, Florida’s governor is promoting another year of business tax reductions of $1B including a reduction of the business rent tax from 6% to 5% which we hope will occur in 2017 then a complete phase-out in the years afterward.

Nationwide the vacancy rate has decreased to 6.4%. The average rental rate increased to $5.76 per sq. ft. and $70.88 per sq. ft. for sales prices. Logistics, e-commerce and retail distributors such as Amazon.com, Office Depot, Best Buy and FedEx, made up a significant amount of the bulk warehouse transactions.

Looking forward into 2016, we are encouraging customers to act expeditiously when acquiring available properties since this market is very much in favor of the sellers/landlords; not the buyers/tenants. Rental concessions and tenant improvements will continue to diminish. You can expect the best brokers to get some deals done off-the-market with clients that are ready, willing and able to transact. However, given our past experience, we notice that every four years some major decisions will only be made after the results of the presidential elections. Will capitalism make America great again or will socialism keep progressing? As Ronald Reagan so succinctly stated in “The Speech” in 1964: “… there is no such thing as a left or right. There’s only an up or down…”

In case you missed our prior report, click this link for ComReal’s Miami Industrial Real Estate 3rd Quarter of 2015 Report. >>>

Featured Property: Homestead Park of Commerce

14.7 acres for sale in the Homestead Park of Commerce and Foreign Trade Zone (FTZ). At an asking price of only $6.00 per sq. ft. it is the most economically priced land in Miami-Dade County. The property is zoned industrial and the ownership has entitlements to construct up to 200,000 sq. ft. of warehouse space.

Miami Warehouses Leased in 4th Quarter 2015 (partial list):

Miami Warehouses Sold in 4th Quarter 2015 (partial list):

Sunshine State Industrial Park Miami Warehouse Leased!

The ComReal Miami Industrial Team completed the lease of 35,000 sq. ft. to Ferrara Group at 1120 NW 165th Street in Miami Gardens. “Sunshine State Industrial Park offers a unique location for companies serving Miami-Dade, Broward and Palm Beach Counties; it has easy access to main highway, including I-95, Florida’s Turnpike and Palmetto Expressway (S.R. 826). This Miami warehouse provides Ferrara Group the ideal location to showcase their furniture to customers and distribute to nearby stores.” according the Edison Vasquez. Read more about this story at Sunshine State Industrial Park Warehouse Leased. >>>

Patricia Quintana, CCIM is welcomed onto the ComReal Miami Industrial Team: 

Patricia possesses over thirty years of real estate experience. Licensed since 1983, she has concluded over 537 commercial real estate lease and sale transactions totaling over $43 million. Her past experience includes positions such as Director of Leasing, overseeing 3.2 million square feet, 350 tenants comprising of industrial, office and flex properties.

Experienced in Landlord and Tenant Representation, and was designated a (CCIM) Certified Commercial Investment Member in 2003. ComReal has the only four-person team that are all designated CCIM’s. Patricia is fluent in Spanish, originally from Colombia and speaks some Portuguese. You may reach Patricia at (305) 815-3376.

Ed Redlich Appointed as 2016 Chairman of the Commercial Alliance of Florida Realtors:

Ed Redlich has been appointed as the 2016 Chairman of the Commercial Alliance for Florida Realtors. Redlich has been a commercial Realtor for over twenty years. Florida Realtors is the largest trade association in the state with over 140,000 members.

Redlich’s primary focus for 2016 will be to work with Florida Realtors, Governor Rick Scott and Florida legislators to eliminate the sales tax on commercial lease agreements (aka “the business rent tax”). The Governor has a plan to reduce taxes by $1B which includes an initial 1% reduction on the sales tax on commercial rent commencing in 2017.

Florida is the only state in the union that has such a tax. It’s elimination would result in more businesses expanding in Florida and hiring more employees. Redlich states that “This is more than just a tax. It is a regulation as well that creates additional legal, bookkeeping and administrative work on Florida businesses. These are just extra problems that only Floridians have to bother with. It is just not fair.” Read Redlich’s letter to state legislators on the Florida sales tax on commercial lease agreements. >>>