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.

August 2017 – The ComReal commercial real estate team is pleased to announce the sale of The Redland Warehouse at 21150 SW 167 Avenue, Redland, Florida. The 55,600 sq. ft. packing and refrigerated warehouse sits on over four acres within the Redland agriculture district. The property closed for $3,445,000 or about $62 per sq. ft.

The seller was Gulfstream Tomato Packers and the buyer was Hialeah Tomatoes & Fresh Produce. The facility will now be used for the distribution of both fruits and vegetables; some locally grown and some imported. The new owner also operates another refrigerated warehouse in the Produce Center near Downtown Miami. ComReal partner, Edison Vasquez, was instrumental in facilitating the transaction. He visited with the buyer several times and helped with the communications throughout the transaction.

The ComReal team is very active in the South Miami-Dade commercial, industrial and agricultural real estate markets. Ed Redlich, Chris Spear and Mort Fetterolf also each have roots in the Redland. Redlich is very proud to have been “Redland raised”.  He states that “We always appreciate the opportunity to be involved with properties in the Redland where I grew up. Personally this was a special assignment for me and it is a pleasure to work with The Hagan Family”.

ComReal also has the neighboring 10 industrial acres for sale (pictured below) as well as a 16 acres farmland in Redland. Please contact them anytime for more information on these listings and other properties in South Dade.

One of the keys to ComReal’s success has been aerial drone videos. This marketing technique includes views on both the property and the local neighborhood. Be sure to watch!

Midyear into 2017 and the average rental rate for Miami warehouse space slightly increases… grudgingly. Although some landlords have been able to increase rates for their warehouses, tenants and their respective brokers fight to keep the average under $10.00 per sq. ft. Institutional landlords are fairly disappointed that rates have not increased higher as they had forecast. Positive absorption this quarter was only 90,000 sq. ft. which helps the tenant’s side of the argument. Positive absorption totals almost 700,000 sq. ft. for the year. A healthy market is about 2,000,000 sq. ft. per year so we are well under this. However, we anticipate a strong 3rd quarter as there are several transactions getting wrapped up at the time we publish this report.The one recent lease deal that is worth mentioning is Custom Space. They leased 85,000 sq. ft. in Beacon Industrial Park in Doral. Custom Space is new-to-market and they offer a We Work concept for warehouse spaces with flexible sizes and terms. We wish them well here in Miami.

One of the largest sales transactions was Miami International Logistics Center in Hialeah. ComReal had originally sold the 506,300 sq. ft. warehouse to Keating Resources for $11,500,000 in 2013. (Source: Warehouse in Airport East Sold!). The ownership renovated the property and stabilized this asset for disposition. The ComReal team continued their efforts with the leasing assignment and the property was about 90% occupied upon the sale. Lincoln Property Group just acquired the property for $27,380,000. What a great story?!

If you would like to read last quarter’s report, please view online at: ComReal’s Miami Industrial Real Estate Report for the 1st Quarter 2017. >>>

Featured Property: Homestead Warehouse

The Homestead Warehouse measures 64,109 sq. ft. and is located in The Homestead Park of Commerce. The property is for sale or lease. If you are considering a building anywhere in Miami-Dade County, then you should take a look at this property.

“Special thanks to our friends at Rosy Freight who leased their 23k SF warehouse building to Tile Empire!” – Ed Red, Edison & Chris

Miami Warehouses Sold in 2nd Quarter 2017 (partial list):

Miami Warehouses Leased in 2nd Quarter 2017 (partial list):

“Win-win-win! The ComReal Team successfully assigned a 36k SF warehouse space at Miami Free Zone on behalf of Innovair Corp. to Dufry America.” – Patricia & Ed Red

News Release: American Consolidation Logistics Leases 93k SF Warehouse Space in South Florida Logistics Center

Strong efforts by the ComReal team, led by Partner and Managing Member, Edward Redlich, led to the leasing of a third Miami warehouse location for international produce importer, American Consolidation & Logistics (ACL). The 93,799-sq. ft. facility located at 3200 NW 67th Avenue in the South Florida Logistics Center. For more info on this deal, please read the full story at American Consolidation Logistics Leases Warehouse Space in South Florida Logistics Center. >>>

“Congrats to our client, Synnex, who renewed their lease for a 60k SF warehouse space with Prologis at Beacon Lakes!” – Mort

News Release: The ComReal Companies expands with ComReal Miami – Doral

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

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 Miami–Doral, LLC was founded and will be managed by Principals: Edward Redlich, Chris Spear, and Edison Vasquez. For more details on this story, please visit ComReal Miami Doral Commercial Real Estate Expands. >>>

“Lennox Industries renewed it’s lease with Seagis Property Group for 11k SF at Deerwood Commerce Center. You cannot go wrong selling air conditioning in Florida!” – Ed Red

“Deals = more Deals” by Ed Redlich

So how exactly does doing deals equal to doing more deals? You’ve probably heard of the saying “90% of your business comes from 10% of your customers”. The concept of “deals = more deals” is similar, but it goes much deeper than this. Learn more about Ed Redlich’s formula at “Deals = more Deals”. >>>

Patricia Quintana attending the United Fresh Expo in Chicago to learn more about the perishables and cold supply chain industry.

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. >>>

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. >>>

Ed Redlich and Florida Governor Rick Scott