Summer seasons are typically slow in Miami, however the Miami industrial real estate market experienced an increase in the average lease rate to $8.77 per sq. ft. and a decrease in vacancy to 4.7%. Over 3M sq. ft. has been absorbed this year with one more quarter to go. At this pace, we might break the 4M sq. ft. mark by year-end which would be extremely impressive especially given the new deliveries. On a side note, it is also amazing that we have had ten consecutive years without a major hurricane making landfall. “October – all over” as we often say.

In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 2nd Quarter of 2015. >>>

Here’s an old time saying by Florida fishermen on hurricane season: “June – too soon. July – stand by. August – look out you must. September – remember. October – all over.”

Miami Warehouses Leased in 3rd Quarter 2015 (partial list):

Miami Warehouses Sold in 3rd Quarter 2015 (partial list):

CLOSED DEAL! 95 Acres in Redland, Florida Sold:

August 2015 in Redland, Florida – One of the largest available land sites in Miami-Dade County has been sold. The 95 acres of land is located in the Redland on Southwest 328th Street just west of 217th Avenue. The sale price was $2,775,000 or about $29,000 per acre. Read more about the Redland Florida Land Sale. >>>

FEATURED LISTING: 28,500 sq, ft, Warehouse Space in Doral for Sublease:

‘Class A’ warehouse for sublease located at 8190 NW 21st Street in Doral, FL 33122. This property is situated in a prime location within Miami International Commerce Center (MICC) and offers the following features:

• 28,540 SQ. FT.
• 24’ CEILING HEIGHT
• 14 DOCKS & 1 RAMP
• FRONTAGE ON NW 82ND AVENUE
• ASKING $9.50 PER SQ. FT. GROSS
• LEASE EXPIRES IN FEBRUARY 2018
• CORPORATE BUSINESS PARK SETTING
• INSTITUTIONALLY OWNED, WITH ON-SITE MANAGEMENT

ComReal Miami Client Seeks 200,000 sq. ft. Warehouse Space to Lease in South Florida:

The ComReal Miami industrial Team is working on behalf of a distribution company that has the following requirement:

• Total Space: +/- 200,000 sq. ft.
• Office Space: 5% to 10%.
• Commencement: Summer 2016.
• Acquisition: Lease Only.
• Location: Miami-Dade County or South Broward County

Please contact us if you have any properties that might be available. We are in the Site Selection phase now. Thank you very much.

ComReal Miami Opens 2nd New Office in Coral Gables:

51 Merrick Way in City of Coral Gables

October 22, 2015 – ComReal Miami-Coral Gables is pleased to announce its acquisition of 51 Merrick Way in the City of Coral Gables. Principals Stephen H. Smith, SIOR, John Lonardo, CCIM and Ed Redlich, SIOR, CCIM purchased the street level office/retail property on October 1, 2015 as CASTANHA XII, LLC. Purchase price was $690,000 (or $415 per sq. ft.).

51 Merrick Way is an office / retail component of 55 Merrick Way a mixed use project strategically located in the Coral Gables’ Central Business District. 51 Merrick offers direct access to the renowned business areas of Coral Gables, including 5 million+ Sq. Ft. of commercial office space and 1.5 million Sq. Ft. of retail space, plus a list of new construction and planned development projects “coming soon”. The location is within one block of the newly approved construction “Streetscape Projects” on The Miracle Mile and Giralda Avenue.

“For nearly forty years, ComReal has played a significant role in the commercial real estate industry in South Florida.” states Steve Smith, President of The ComReal Companies. “This new operation in Coral Gables will be of greater convenience to service our clientele seeking office, retail and/or investment properties. In addition, several highly-experienced Realtors have recently joined ComReal due to our growth and expansion strategies.”

“Today’s commercial real estate professionals are operating in “real time”. As such, their office facility, tools and technologies must all support both their clients and their personal livelihoods. In introducing ComReal | Miami – Coral Gables, LLC, ComReal is also introducing a new business philosophy by bringing on board selected, seasoned professionals with equity participation in the individual companies as well as equity participation in specific real estate investment ventures such as the acquisition of 51 Merrick. We are delighted that John Lonardo is participating in the new concepts and has assumed a leadership role in ComReal | Miami – Coral Gables”.

Lonardo is a 25+ year veteran and leader within the industry. “Every commercial district in the city is experiencing strong occupancy, rate growth and new development. 51 Merrick Way is in the epicenter and ComReal is excited to be part of such a vibrant community.” explains Lonardo, often described as Mr. Coral Gables in real estate circles. Assisting John will be Stella Vidal as well other members from other ComReal Miami operations.

ComReal also serves the South Florida market from its ComReal | Miami-Doral office located in the Miami Free Trade Zone, as well as from ComReal Ft. Lauderdale in Broward County. For more information on this story and other commercial real estate news, please visit www.ComReal.com.

The average lease rate for warehouse space in Miami increased to $7.72 per sq. ft. from $7.54 per sq. ft. Although there were several significant lease transactions during this first quarter, the average vacancy rate remained the same. This was mainly due to the over one-half million square feet of new warehouse space that was delivered to the market. In addition, South Florida Logistics Center, Miami International Tradeport and Flagler Station will also complete new buildings in their parks. We can expect over one million square feet of total new space to be delivered before the end of the year.

The largest lease transactions of the first quarter included Interport Logistics’ lease of 150,000 sq. ft. in Beacon Lakes and Seafreight’s lease of 148,750 sq. ft. at International Corporate Park. For the first time since before the recession, a lease rate topped over $9 per sq. ft. for a class A, bulk warehouse space in Airport West Dade. The ComReal Miami Warehouse Team is pleased to report that we were involved in the largest purchase transaction so far this year for the 485,000 sq. ft. warehouse now known as Miami International Logistics Center. (Please read more about this story below). In addition, TA Associates Realty is offering a 2M sq. ft. portfolio of thirty-three warehouse buildings located in four industrial parks. There were several dozen bidders and is now currently under contract to multiple buyers.

Some tenants continue to renew their leases for longer terms hoping to lock in the current lease rates before they go up further. There are quite a few active buyers in the market as well looking to take advantage of the historically low interest rates. However, with so many institutional investment firms owning most of the larger, warehouse buildings in Miami it is increasingly difficult to find well-priced, functional properties available for sale. Ambitious buyers are having to look for properties that are available on an off-the-market basis as well as vacant land sites for custom, build-to-suit construction in order to get exactly what they want.

In case you missed our prior report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the Year Ending 2012. >>>

Did you know? There are only four warehouses over 100,000 sq. ft. available on-the-market for sale in Miami-Dade County.

Did you also know? There is not one warehouse over 100,000 sq. ft. on-the-market available for sale or lease that has active rail service.

Warehouse in East Airport Sold:

Sold! ComReal is proud to announce the sale of the #1 largest warehouse building in Miami so far this year! The 485,000 sq. ft. warehouse closed for $11,250,000. The proud new owner is Gerard Keating of Keating Resources from Chicago. Please read more about the transaction and the future use of the property at Warehouse in Airport East Sold. >>>

Miami of Latin America and The Netherlands of Europe:

Did you know that Miami is to Latin America what the Netherlands is to Europe? Just as “Miami is the gateway to the Americas”, the “Netherlands is the gateway to Europe.” Miami has the relationships and trade routes to Latin America, South & Central America and the Caribbean; just like the Netherlands has with the rest of Europe. In February, Ed Redlich toured the Netherlands and Germany with a trade mission from Miami consisting of representatives from Port Miami and logistics providers. Read more about the story at Miami of Latin America and The Netherlands of Europe. >>>

Miami Warehouses Leased in 1st Quarter 2013 (partial list):

Miami Warehouses Sold in 1st Quarter 2013 (partial list):

Redlich’s Industrial Report at CCIM Miami Commercial Real Estate Outlook Conference 2013:

Ed Redlich, CCIM delivered the Industrial Report at the Commercial Real Estate Outlook Conference hosted by the Miami District of Certified Commercial Investment Members (CCIM). Over 300 commercial real estate professionals were in attendance. An office broker stated that “Ed’s presentation actually made warehouses seem very interesting to me for the first time in my career”. Several of Redlich’s predictions have already been proven true. Click here for the complete presentation on what to expect this year in Miami’s industrial real estate market. >>>

Foreign Trade Zone Seminar on May 22nd:

Click to see more info and/or RSVP

Mark your calendar for May 22nd! ComReal Miami is a proud sponsor of this seminar on Foreign Trade Zones in Miami. The event will be held down the hall from our office at the Miami Free Zone in Doral.

ComReal welcomes Yarisley Morales to the Team!

Yarisley Morales was born in Cuba. She joined ComReal Miami in January with aspirations of helping the team and facilitating the day to day activities. She graduated from Florida International University in 2012 with a Bachelor of Business Administration in Marketing and Management. Yarisley knows that a crucial aspect to a successful business is effective communication with clients, and strives to provide great customer service. She is fluent in both English and Spanish.

Service Provider of the Quarter:

ComReal is a proud member of the Florida Customer Brokers & Forwarders. The FCBF was founded in 1960 by several customs brokers and freight forwarders in Miami. Now the organization is the most influential and active representative body of the Florida freight forwarding and customs brokerage community. FCBF provides communications between the trade community and the federal agencies in order to expand Florida’s trading communities at the local, state, and national level. Please visit their website at www.FCBF.com

<<< Please click here for a printable PDF version of this report. >>>

Unlike the strong first two quarters of the year, the vacancy rate for this 3rd quarter in Miami-Dade County’s industrial real estate market actually increased slightly to 7.2%. This is partly due to the new construction of warehouses that are now being delivered onto the market. Another factor for the negative absorption this quarter is that some businesses truly seem to be on hold until the U.S. presidential election is decided; right or left. Our future president could impact commercial real estate and the businesses within via increased capital gains taxes, costs for employees, federal regulations and more. A survey conducted by the Florida Association of Realtors states that about 25% of active buyers will not make their purchase until after the election. The average industrial gross lease rates remain the same at $7.42 per sq. ft. There were two major lease transactions including Perez Trading’s new space of 280,000 sq. ft. and Ameriworld Enterprises’ relocation into a 124,000 sq. ft. space.

There is some good news to help empty warehouse spaces in Miami fill up some more. According to Miami-Dade County’s latest International Trade Report, both exports and imports increased slightly to about $14B and $10B (respectively) over the past quarter.

In case you missed  our mid-year report, you may click this link for ComReal’s Miami Industrial Real Estate Market Report for the 2nd Quarter, 2012. >>>

South Florida Distribution Warehouse Sold:

At a purchase & sales price of $10,400,000, this is one of the largest owner-user transactions to occur this year in South Florida. ComReal represented MSI Stone in it’s acquisition of the 120,000 sq. ft. distribution warehouse in Deerfield. Read more how Ed Redlich and Chris Spear closed the deal at South Florida Distribution Warehouse Sold. >>>

Vega Produce Leases Cooler Warehouse Space in Doral:

Vega Produce has leased 25,000 sq. ft. of refrigerated warehouse space within PS Business Parks’ Miami International Commerce Center (MICC). To read more about this story, please visit Cooler Warehouse Space in Doral Leased. >>>

Miami Warehouses Leased (partial list):

Miami Warehouses Sold (partial list):

Foreign Trade Zone (FTZ) Workshop:

On October 2nd, ComReal Miami hosted a free workshop on foreign trade zones (FTZ’s). Arcelio Gerardo of FTZ World Services and Jorge Suarez of Cargo Ventures conducted the workshop at the Miami Free Zone. About thirty people attended. Most of them were in logistics and/or freight forwarding. We plan to have another FTZ workshop in February. Please let us know if you would be interested in attending so that we can be sure to send you an invitation.

Service Provider of the Quarter:

We recommend staying at Eurosuites Hotel in Doral to our customers and corporate executives. Travelers from Latin and Central America, the Caribbean, Asia and Europe will all appreciate this location as a major shopping destination near International Mall, Dolphin Mall, Mall of the Americas and more. It is located near Miami International Airport and the Miami Free Zone in Airport West Dade at 1750 Northwest 107th Avenue, Miami. Please feel free to call them at 786-472-9095 or visit their website at www.eurossuites.com