Terra and Terranova Corp. are planning to build a mixed-use commercial project on a nearly 24-acre site in Doral. The two developers are aiming to present their proposal for District 79, an industrial and retail development at 7777 Northwest 41st Street, to the commission by the summer, a spokesperson for Terra said. David Martin, co-founder and president of Terra, said the joint venture is planning for the future and betting on the area’s strong industrial…
Report: South Florida Industrial Construction To Decline In 2019
The industrial construction boom in Miami-Dade is waning and development of new warehouses will take a dip in 2019, according to the Commercial Industrial Association of South Florida’s Annual Industrial Market Report. While rental rates increased slightly in 2018, the cost of land acquisitions and industrial construction is becoming too expensive for developers to consider new projects. Rezoning of industrial properties into retail and office uses is also limiting development. “A decline in new construction is expected because…
Lee & Associates South Florida Announces Sale Of Industrial Investment Property in Hollywood, FL
Lee & Associates South Florida, the largest agent-owned national commercial real estate firms that has recently expanded into South Florida, proudly announces the closing of a freestanding industrial investment property located at 6241 Pembroke Road in Hollywood, FL. Lee & Associates South Florida Senior Vice President Ivelisse Meneses represented the buyer, YESYM, LLC, for its second purchase in recent months in this submarket. Brokers, LLC represented the Seller, Figura Perfecta Corp. 6241 Pembroke Rd is located in…
Is A Disruption In CRE Finance In The Forecast For 2019?
The current economic upswing will officially celebrate its 10th anniversary in the first quarter, which is prompting some in the commercial real estate industry to take a hard look at where the economy and finance might be headed. A new report written by CCIM Economist K.C. Conway suggests that there could very well be a disruption ahead in commercial real estate finance—even if it’s a minor one—within the next 6 to 18 months. The results…
On Ice For 40 Years, Miami-Dade Cold Storage Warehouse Trades For $18.8M
In the healthy Miami-Dade County industrial real estate market rife with transactions, the $18.8 million sale of a cold storage warehouse might not seem notable. But wait until you hear more about the facility. The indoor space at the 231,686-square-foot warehouse at 18770 NE Sixth Ave. in North Miami-Dade has been kept frozen for the past 40 years, including during and immediately after hurricanes. “It is a unique thing,” said Dan McCawley, one of the attorneys…
Lee & Associates Miami Announces the Addition of Calum Winsor as Vice President of Retail Investment Sales
Lee & Associates South Florida, one of the largest privately owned national real estate firms that has recently expanded into South Florida, has just announced their latest addition of Calum Winsor as Vice President of Retail Investment Sales. Prior to joining Lee & Associates Miami, Calum acted as Senior Associate with the GLT Group assisting investment clients across several asset types including Retail, Office, Multifamily, Hotel and Land. Calum has also spent time working with…
Panama Canal Expansion’s Impact On South Florida Industrial Market
The Panama Canal expansion, which began commercial operation in 2016, has added a wider traffic lane and doubled its capacity to accommodate large container ships. These ships carry over 13,000 TEUs and some exceed 22,000 TEUs. Because of the influx in large ships, seaports across the globe are experiencing bottlenecks, customs delays and the need for bigger cranes. Many ports, including PortMiami, have undergone improvement projects to better accommodate the ships. Recent infrastructure improvements totaling…
Multistory Warehouses Come With High Cost, Operational Burdens
Developers like Prologis are now pursuing multistory warehouses in places like New York City, Seattle and the Bay Area. Amazon has also been reportedly building multistory distribution centers around the country in less dense areas like a Milwaukee suburb and a town outside Raleigh, North Carolina.
International Visitors Fuel South Florida Industrial
In addition to supporting retail real estate such as Sawgrass Mills, the second-largest tourist destination in Florida after Disney World, and American Dream Miami, the largest proposed mall in the U.S., South Florida’s international tourism and consumer buying power are fueling an industrial boom and institutional investors are taking note. The majority of South Florida industrial users are seeking space to house merchandise for brick and mortar retail and e-commerce, especially near transportation centers, to streamline the packaging…