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.

Surrounded by the municipalities of Doral, Sweetwater, Miami Springs, Hialeah, and Coral Gables, the unincorporated area of The Airport Palmetto Hub offers owners and users one less level of government bureaucracy. Heavy manufacturers and production companies find this especially appealing as zoning, electrical, water, and other government regulated items can often entangle their operations – costing them both time and money. Many cities in the area require business use permits, inspections, and are quick to fine businesses and/or slap violations on them. Additionally, property taxes are usually higher in incorporated cities. Why bother with a city government if you don’t have to?

Some of our clients in the logistics industry have a strong preference to be in The Airport Palmetto Hub. One of the main reasons is because it takes their trucks about an additional fifteen minutes to cross under the Palmetto Expressway into Doral from MIA. If you do the math on this cost, it can really add up, especially if you’re in the air freight business where you already have extremely tight profit margins. Those transporting perishables, such as flowers and produce, are even more concerned about the mileage and amount of time from MIA to their warehouse. The strictly business environment of The Airport Palmetto Hub is free of school zones and contains less traffic lights than the surrounding industrial areas which further increases efficiency.

CLICK HERE FOR THE FULL REPORT INCLUDING CURRENT MARKET RATES & RECENT LARGE SALES/LEASE >>>

OUR RECENT DEALS & CLIENT EXPANSIONS IN YOUR NEIGHBORHOOD

• Apollo Export Warehouse’s lease at Peter Lawrence Company’s warehouse located at 2930 NW 75 Ave.
  60,000 SF at World Distribution Center.
• Queen’s Flowers purchase of warehouse located at 7001 NW 25 St.
  123,381 SF build out scheduled to be finished by end of 2018 for upcoming flower season.
• D.A.S. Audio’s purchase of warehouse located at 6900 NW 52 St for $1,800,000.
  27,000 SF currently expanding.
• Diaz family’s sale of eight-acre site located on the Palmetto Expressway. Sold to Synergy Equipment for $5,500,000.
• Henry Edwards Equipment’s lease at 7501 NW 72nd Ave. 8,400 SF on 2.6 acres of land

Our team has closed over 1,000,000 SF of deals worth over $100,000,000 in the corridor!

AIRPORT PALMETTO CORRIDOR NEWS

• Costex’s Corporation is breaking ground on their new 380,000 sq. ft warehouse located at 5800 NW 74th Avenue at the intersection of the Palmetto Expressway and 58th Street near Miami Int’l. Airport. Back in 2007, we represented them in
  their purchase of the site for $21,000,000 or about $28 psf based on the land.
• South Florida Logistics Center Building 8 is currently under construction and Building 9 is expected to break
  ground in December of 2018, and spaces are available from 10,000 SF. Our team has represented more tenants than any other commercial real estate firm in Miami at South Florida Logistics Center, leasing over 350,000 SF for clients such
  as American Consolidation & Logistics, Solutions 2GO, Southcoast Simulation, G&G Cargo, Seafrigo, and Elite Flower Services.
• Local Municipalities Threaten Annexation. The cities of Virginia Gardens and Miami Springs continue their attempts to annex portions of The Airport Palmetto Corridor. Property owners are concerned about this increase in taxes and lack of representation that would result.

CLICK HERE FOR THE FULL REPORT >>>

Contact for more information:

Pat McBride, Commercial Advisor
305.619.2937 | pmcbride@comreal.com | www.MiamiIndustrialTeam.com
The ComReal Miami Industrial Team

786-433-2380 | miamiindustrialteam@comreal.com