The Miami Freezer Warehouse is now for sale! This is one of the largest warehouses in Miami now listed on-the-market for sale. The property’s freezers and coolers make it ideal for the perishables industry. However, it could also be great for dry distribution and/or manufacturing. Investors may appreciate that the property is multi-bay and that the owner might lease-back about 65,000 sq. ft. The building sits on 9.46 acres. It is located at 18770 SE 6th Avenue in Miami about halfway between PortMiami and Port Everglades just off the I-95 Expressway.

• Total Building Size: +/- 234,739 SF
• Freezer: +/- 157,794 SF
• Cooler: +/- 22,729 SF
• Refrigerated Dock: +/- 19,441 SF
• 24’-26’ Ceiling
• Fully-Racked ~ +/-10,000 Positions in Present Configuration
• 32 Dock Doors
• 9.46 Acres
• Immediate I-95 & Florida’s Turnpike. Equidistant 15 miles from both PortMiami and Port Everglades
• Contact ComReal for a full package, more details, the pricing, etc.

ComReal Scores Again with Refrigerated Warehouse for Produce Importer

Miami, FL– 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 is one of the only controlled atmospheres for fumigation in the country. This multi-million-dollar deal gives ACL a prime location near Miami International Airport, where much of their imported produce arrives by plane.

“Our new location near MIA is critical. We can provide our clients peace-of-mind by assuring that their produce is transported as quickly as possible to our specialty refrigeration units located inside our warehouse.” Said Jose Medina, CEO of American Consolidation and Logistics. “The quick work of finding this facility by Edward Redlich and his team of Chris Spear and Edison Vasquez was unbelievable. I’ve never worked with a Realtor more professional, diligent, and who conducts business with complete integrity like Ed does.”

“This is our sixth client that we’ve represented in leasing warehouse space totaling over 350,000 sq. ft. at South Florida Logistics Center.” Said Edward Redlich, Managing Member at ComReal Miami – Doral. “Our team has leased more space at South Florida Logistics Center than any other brokerage firm. We were happy to service American Consolidation & Logistics, and assist them in finding the perfect refrigerated warehouse.” Flagler Brokerage and Management Services represents the ownership. 

In the Fall of 2016, Redlich and his team were retained by ACL to acquire a +/- 100,000 sq. ft. refrigerated warehouse in Miami. They began working on a comprehensive site selection of potential properties that would suit ACL’s needs including both existing warehouse buildings and vacant land for build-to-suit construction. The only building that already had the refrigeration systems installed and ready-to-go was Building #1 at South Florida Logistics Center, where ACL now operates. In addition to Miami International Airport, the property is also easily accessible to PortMiami via truck or railroad. American Consolidation & Logistics moved into their new Miami cooler warehouse on April 17, 2017. This is their third South Florida location along with their Opa-Locka headquarters and a warehouse in Pompano Beach.

ComReal Miami – Doral: The ComReal Industrial Team has been assisting companies with their South Florida real estate needs for over 30 years. The industrial team specializes in the sales and leasing of industrial properties.  Visit www.MiamiIndustrialTeam.com  and/or call 786-433-2380 for more information.

American Consolidation & Logistics: ACL specializes in handling imports of fresh fruits and vegetables. Our team has a wealth of experience with produce. We are committed to using all of our resources in order to offer the highest level of service in the produce industry. Visit www.amerconsolidated.com for more information.

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. >>>

The Midyear 2015 Industrial Real Estate Market Reports shows that the Vacancy Rate has fallen once again to just under 5% and the Average Lease Rates are up to $8.62 per sq. ft. This marks the eleventh consecutive quarter since 2012 of such trends. Prospective buyers and tenants continue to find it increasingly difficult to acquire functional and economical warehouses to suit their business needs. Sellers and landlords have the high ground while buyers and tenants struggle to do their best to negotiate price and terms. So far this year, over 2.5M sq. ft. have been absorbed which is extremely healthy for our market. In addition, there have been multiple lease and sales transactions to users occupying over 100,000 sq. ft. warehouse spaces. This is another good sign. Some developers cannot seem to construct their new warehouses fast enough, while other projects seem to linger on the market due to various reasons.

In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 1st Quarter of 2015. >>>

Americas’ Gateway Park Building Sold for $10M!!!

June 2015 – The ComReal Companies are pleased to announce the sale of the Americas’ Gateway Park Building located at 1800 NW 89th Place in Doral, Florida. The property consists of 110,500 sq. ft. building with a refrigerated warehouse and 30% office space. The sales price was $10,000,000 (or $90 per sq. ft.). The seller was Mr. Peter Ullrich and the new owner is Freshworld Logistics. This was the first and only time that this building has ever been on the market for sale. If you would like to read more details on the sale as well as some trends with refrigerated warehouses, please visit Doral Cooler Warehouse Sold to Freshworld Logistics. >>>

What You Should Know About Renewal Rates by Chris Spear:

Renewal lease rates are skyrocketing and companies are experiencing sticker shock as they receive renewal proposals from their landlords. Five years ago, the market had bottomed. Leases involved many months of free rent, low rental rates, and an abundance of tenant improvement dollars. Today, those same companies face the reality that they may have to pay 20-25% over their current rental payment. So where does this leave you, the tenant? To discover how you can best approach your landlord to discuss a renewal, finish reading here: Renewal Rates & What You Should Know. >>>

Miami Warehouses Leased in 2nd Quarter 2015 (partial list):

Miami Warehouses Sold in 2nd Quarter 2015 (partial list):

Florida Perishables Industry Opposes APHIS Fees:

In collaboration with Port Miami and other stakeholders, ComReal Miami stated it’s opposition to the USDA/APHIS
proposal which will charge new exorbitant fees on the perishables distribution industry. The increase on both imports and exports of perishables will result in higher costs for consumers and/or members of the supply chain. Click this link to read our letter opposing the APHIS proposal. >>>

Ed Redlich 20 years Anniversary !!!

Panamanian American Chamber of Commerce

ComReal is pleased to announce that it has renewed it’s membership with the Panamanian-American Chamber of Commerce at the level. In addition, Ed Redlich is planning another trade mission this year to Panama City to tour the Panama Canal and other business opportunities. For more information, please visit the Panamanian American Chamber of Commerce at www.paccmiami.com.