In the midst of the current pandemic, cold storage buildings totaling 157,000 square feet at 12401, 12701, 12725 NW 38 Ave. on 12.5 Acres in Opa-Locka, Florida have sold for $26,000,000.

Stephen M. Greene, seller, held the single member LLCs of the parcels. The buyer was Realterm Logistics. In 1966, Don Greene and son Stephen Greene formed Don Greene Provisions with the purchase of local poultry distributor and its 3,000 square foot building and grew. In 1983, the company acquired land and developed phase one with 71,000 SF of buildings, and in 2005
expanded a second phase totaling 82,000 SF. The property includes 2 acres of vacant land and is rail served with gated entry security.

The property is strategically located among major transportation nodes, Port of Miami and Port Everglades and South Florida population centers. “In the past the food storage specialty sub-sector was dominated by build-to-suit development for owner/occupiers. As e-commerce grows and evolves with major grocers, food storage is becoming a special asset class providing industrial investors and REITS focusing on cold storage” states John Lonardo, CCIM.

The purchaser, Realterm Logistics, is an institutional owner of logistics facilities that serves the transportation industry. Based in Annapolis, MD, they own and manage facilities across the world. The Opa-Locka buildings have been 100% leased to Harvest Sherwood Food Distributors for the past 10 years and recently exercised a renewal option. “We are excited to add this property to our portfolio. The combination of dock high loading and coverage make the property extremely unique for the market and one we think will benefit from the increased industrial distribution demand,” stated Realterm’s Tyler Mordas, VP of Acquisitions. Realterm has acquired two industrial facilities in Miami-Dade over the last 90 days, totaling $30,000,000. “While some are hesitant to
allocate equity during this pandemic, Realterm has sought out specific assets and been successful at closing, creating a win-win for the seller and Realterm” says Chris Spear, Partner at ComReal | Miami-Doral, LLC, who represented Realterm. “Cold storage has become a niche market and is in high demand, as the need for localized cold storage facilities has increased.

For more info on this and other refrigerated warehouses in Miami, please call 786-433-2380.

The Final Mile at Medley property is now available for lease. The address is 7500 NW 82nd Place, Medley, FL 33166. The 28,000 sq. ft. warehouse building sits on 10.8 acres. The landlord / developer, Realterm Logistics, will consider build-to-suit construction for long term, creditworthy tenants.

Be sure to watch the Aerial Drone Video Tour. >>>

Chris Spear, CCIM with the ComReal Miami Industrial Team recently sold the property to Realterm for $10,000,000. The sale reflected a land value of about $20.00 per sq. ft. Upon closing, Realterm re-listed the property for lease with ComReal.

For more info, please contact ComReal Team at 786-433-2380.

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.