Sold!  36,000SF Building Fronting Palmetto Expressway

The Miami Industrial Team at ComReal completed the sale of the building located at 5195 NW 77^th Avenue, Miami, Florida, located East of Doral, inside unincorporated Miami-Dade County. The building is +/- 36,000 Sq. Ft. on a +/- 1.2  Acres lot, fully fenced. Frontage on Palmetto Expressway. Building has high security with back-up Generator and Heavy power. Sale price was $4,600,000 or $128/Sq. ft. The seller was Larian, LLC; the buyer for the building is Univista Insurance.  The new owner plans to make improvements to the building and set up some of their businesses there.

This building was originally built in 1971 and had been with the Seller’s family for a long time. It’s a solid and secured building, formerly used by a document storage company. Fully Air-Conditioned warehouse and great parking.  Additionally, the building is located inside an Opportunity Zone; offering investors the ability to defer capital gains.  ComReal Industrial team had experience with selling and leasing buildings fronting the highway. They were retained by the ownership to find a new owner for it. The expertise and tenacity of the team made it possible to complete the sale of the building.

There aren’t many buildings available fronting the Palmetto Expressway. Activity on this building was incredible!! This was a unique building that attracted a wide range of users. We saw users from car dealerships to performing theaters.  Through our marketing, we were able attract the right user for it.  Mentioned Edison Vasquez from ComReal.

The Miami industrial Market continues its strong growth. In the first quarter of 2019, the average sale price was $110/ Sq. F.  The market vacancy rate was 4.1%, staying constant as one of the lowest in over 10 years.

For more information on the transaction or other similar buildings in our inventory, contact the Miami Industrial Team at 786-433-2380

Ed Redlich and Edison Vasquez from ComReal participated in the panel,
along with Gian Carlo Alonso, President and CEO of AmeriKooler.
All three are FIU Alumni.

The first topic discussed was why many companies and investors are
attracted to Miami for investment on Industrial Real Estate. All panelist
agreed that Miami International Airport, Port Miami, combined with the
great population growth, have fueled the Industrial Real Estate Market
over the last few years. Another factor is the limited availability of land;
Miami is landlocked by Everglades on the West and Atlantic Ocean on
the East. In the first quarter of 2018, the vacancy rate for warehouse
space in Miami stood at 4.3%, among the lowest in the country and one
of the lowest Miami has seen in 10 years. Read our latest market report
here: 1st Quarter 2018 Miami Industrial Report. >>>

Gian Carlo mentioned how manufacturing is making a comeback across
the country, including South Florida. He mentioned Florida being “Right-to-
Work” state is very appealing to companies. Also, transportation cost
to move product out of Miami can be cheap as most freight comes in
and there is a lot of trucking capacity to go out. One worry Gian Carlo
mentioned as business owner is the rise in rents for people living in
Miami. This hurts employees and could push them to move out; limiting
the supply of labor for manufacturing.

On the future of Industrial Real Estate in Miami, everyone was positive
and sees great potential moving forward. Industries leading the demand
for warehouse space in Miami include Perishables (Flowers and
Produce), Aviation and Logistics, including e-commerce. One additional
drive for the growth in the market is the migration of people and
companies from high tax states, such as New York, Illinois and
California. Ed and Edison have seen this first hand as they worked on a
47,500 SF lease to a company relocating from New York. Read the
story here: Industrial Building Leased to NY Company

Moving to career advice, Edison and Ed told students to find a spot
where one can feel comfortable and grow; not to be afraid of moving
from position to position. Brokerage is one of the best way to start in
this business. Find a team to join; being part of a team is essential to the
success in commercial real estate. A team can give support and
guidance to the new person starting in the business. Another note of
advice was to work on specializing on a sector of commercial real
estate, whether is Industrial, Office, Retail, Multifamily or other. Being an
expert in that field will give the agent an advantage over competitors.

Thank you to FIU’s Hollo School of Real Estate for the opportunity of
participating in the panel. Congratulations on putting up such a great
event! Our team looks forward to being part of future events.

For more information on Industrial Real Estate in Miami contact ComReal’s
Industrial team at 786-433-2380

After graduating, Edison joined an industrial real estate team with Grubb & Ellis in Fort Myers. During that time, he assisted brokers in numerous transactions and experienced the everyday tasks of a commercial real estate broker. In 2010, Edison Vasquez joined ComReal Miami Commercial Real Estate to specialize in selling and leasing warehouse buildings in the Miami industrial real estate market. During his time at ComReal Miami, he has been able to represent several companies in the import and export industry in Miami, ranging from electronics to vegetable seeds.

Edison is active in sporting events and other activities. He enjoys networking with new professionals and helping local community organizations. Edison is proficient in both Spanish and English. He is also an ambitious person who puts a great deal of passion into the goals he wants to achieve. Further, by being an immigrant to the United States, he considers this as the country with the best opportunities, resources and influences for anyone to be successful and he feels proud to be part of it. Mr. Vasquez’s family being from Ecuador is in the flower industry, so he has special insight in the Miami flower importer and distributor industry. Contact him directly at 786-433-2383

“CCIM’s education has provided me with invaluable knowledge and resources that will be of great benefit to our customers.” states Chris Spear.

A Certified Commercial Investments Member (CCIM) is a recognized expert in the commercial and investment real estate industry. The designation is awarded to those that complete the ethical, educational and sales volume requirements. There are over 15,000 CCIM commercial real estate professionals around the globe which gives it’s members international connectivity.

Vasquez participated in the CCIM/University Fast Track Program with Florida International University (FIU). The courses he completed while earning his Master of Science in International Real Estate counted towards his CCIM requirements as well. “It’s a great advantage to be able to connect what I learned at FIU with the CCIM Institute and achieve this prestigious designation.” exclaims Vasquez. “This CCIM Designation not only gives us the ability to further assist our clients, but to also connect with an unmatchable network of professionals around the world. CCIM is a well-recognized, global brand amongst the commercial real estate professionals.”

The CCIM Miami Industrial Team: Edison Vasquez, Ed Redlich and Chris Spear.

Agrinova Company was represented by ComReal’s Miami Warehouse Team. “We understood the unique requirements and using our market knowledge we were able to find the right property. The current market conditions also benefited Agrinova to acquire the property at a great price.” commented Edison Vasquez. The property acquired was at 3347 NW 74th Avenue; a 5,858 sq. ft. warehouse located only blocks from Miami International Airport. The property was purchased for $545,000 (+/- $93/SF). Fairchild Partners Inc. represented the seller, Force Investment 3345-3347, LLC. For additional details on this sale and for information on other properties available, contact the Miami Warehouse Team at 786-433-2380.