Click the image for an aerial drone video of the Warehouse in Homestead Park of Commerce

Sold! Edward Redlich, SIOR, CCIM with ComReal announces the sale of 3790 Alex Muxo Boulevard in Homestead, Florida. The 64,019 sq. ft. warehouse is located within the Homestead Park of Commerce. The sales price was $6,050,000 or about $94 per sq. ft. The seller was Anaga International and the buyer is Trading Unlimited.

The property was listed on-the-market for over four years. ComReal was retained to sell or lease the building long term. However, the industrial real estate market in South Dade moves very slow. Shortly after Hurricane Irma in 2017, Redlich learned that the Hilton Hotel in Key Largo would be undergoing renovations. Their logistics provider, Mid-West Moving & Storage, was seeking a warehouse to store the new furniture of a period of six months. Redlich was able to retain Mid-West for a short term lease at the warehouse on behalf of his landlord/client. The deal was a win-win for both parties and provided a temporary fix until a long term solution was procured.

After an extensive marketing campaign via ComReal’s national and global networks, Trading Unlimited was retained to purchase the Homestead warehouse. Over ten jobs will be created. This completed Redlich’s 3rd significant transaction with the Homestead Park of Commerce, more than any other commercial real estate broker. In 2016, Redlich was also responsible for recruiting Dunham Bush Air Conditioning. He sold the 15 acres site that he personally owned to them for $3,100,000. In it’s first phase, Dunham Bush is expected to create over 50 new jobs. Read more about this story at Homestead Park of Commerce Welcomes Dunham Bush. >>>

It is public knowledge at this time, that Redlich is now representing Copart USA, a S&P 500 Company, in their acquisition of 117 acres also within the Homestead Park of Commerce. “In 1995, I entered the commercial real estate industry with my father, Ron. We both lived in the Redland. So it was always special to us to do deals and create jobs in South Dade.” states Redlich. “The challenge with the Homestead Park of Commerce is that most of the park is in poor condition for development, encumbered by Federal Wetland restrictions, located in the restrictive flight path of the United States Air Force Base as well as a very bureaucratic Planned Urban Development zoning within the City of Homestead that doesn’t mirror other industrial parks across the nation. In addition, Homestead’s geographical location being on the end of a peninsula surrounded by water and swamp makes the marketability of industrial properties incredibly difficult. We are at the end of the logistical supply chain”.

Redlich is a native to South Dade and proud of the fact the he was “Redland raised”. 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. Presently he is a Trustee with the South Dade Chamber of Commerce. For over 25 years, Redlich as worked in the commercial real estate profession in South Florida. Throughout his career, he has sold hundreds of acres of land and assisted clients in creating hundreds of jobs in the South Dade community. His passion and focus has always been South Dade.

Background of the Homestead Park of Commerce (HPC). In 1999, the City of Homestead, owner of HPC, entered into an agreement with the Rockefeller Group out of New York City to extensively market the Homestead Park of Commerce. After zero success, Rockefeller was terminated and the City sold the park to A&H Commerce. This group went bankrupt and the park was then acquired by GBX Homestead who also subsequently went bankrupt in their efforts to develop the park.

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):

* Deals closed by the ComReal Miami Industrial Team

Miami Warehouses Leased in 3rd Quarter 2018 (partial list):

* 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!

Florida Governor Scott visit ComReal’s office

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.