The Miami-Dade market is shifting into high gear as the supply of well-located industrial property continues to decline.
The recent sale of a 73,500 sq ft warehouse in the Sunshine State Industrial Park is an example of area activity. The vendor sold the property to Miami Dade Printing Company for $3.6 million.
Michael Silver, of CBRE’s Industrial Group, said, “This sale demonstrates the continued brisk activity throughout the Miami-Dade industrial marketplace.”
CBRE said that over 1.1 million sq ft of industrial space has been absorbed in the first quarter of the year in Miami.
The Sunshine State Industrial Park is located between the Port of Miami and Port Everglades, close to Miami International Airport and Fort Lauderdale Airport.
Mr. Silver went on to say, “The dwindling supply of well-located industrial buildings has caused sale prices and lease rates to climb over 10 per cent from the same time last year.
“The property also had extra land which is a rarity for industrial properties in this market.
“The extra land will be utilized for parking with the ability to add approximately 20,000 sq ft of additional building space in the future.
“All these amenities were beneficial to the buyer which allowed CBRE to negotiate a competitive price in the market.”
Previous Post
Creative Start Ups to Receive Ingenious Funding
