NEWS

Florida East Coast Industries just sold a warehouse near Miami International Airport for $31.1 million to a subsidiary of JPMorgan Asset Management. Coral Gables-based FECI sold the 9.2-acre property at 3200 Northwest 67th Avenue for $3.4 million per acre, property records show. The warehouse is part of the South Florida Logistics Center, a master-planned business park with 2 million square feet of Class-A warehouse and distribution facilities. The South Florida Logistics Center has a direct connection…

Recent Market Research for The Miami-Dade County industrial market for the third quarter was no surprise in reporting high absorption and low vacancy. But a closer look at it turned up Hialeah Gardens as part of the next push outward. It’s a submarket approximately 10 miles north of Miami International Airport. Duke Realty purchased three newly constructed industrial buildings last year and, to date, has leased approximately 530,000 square feet to distribution-related businesses. “Hialeah Gardens…

Globe St interviews Lee & Associates leaders Jeffrey Rinkov, CEO of Lee & Associates, Matthew Rotolante, President of Lee & Associates Miami, and Brian Lynch, President of Lee & Associates New Jersey, at the Lee & Associates 2018 Brokers Summit in Las Vegas. Lee & Associates is the largest broker-owned firm in the country and has implemented a rapid expansion plan in recent years, including the addition of Matt Rotolante’s brokerage operation in the South…

There has been plenty written about the impact of e-commerce on retail infrastructure. Store closings and malls struggling to redefine their purpose have been the subject of major stories in a variety of mainstream media outlets. Reading those stories, it’s easy to get the impression that e-commerce is cratering real estate markets and creating ghost towns. That’s hardly the case, at least not in many major cities where e-commerce has actually had the opposite effect by increasing…

U.S. industrial absorption is on track to finish 2018 with its third-strongest net occupancy growth this cycle for industrial space, behind only 2016 and 2014, according to Cushman & Wakefield’s Q3 2018 report on the industrial market. That finding agrees with other recent assessments of the market. Moreover, the outlook is bright for more occupancy growth across all classes of industrial product. The combination of limited new product and high utilization rates for existing footprints will mean strong performance…

Multistory warehouses are becoming more common in densely populated metropolitan areas. Seattle, San Francisco, New York, Miami, Chicago and Los Angeles are the most favorable markets for this type of industrial development to take place due to the high land prices, dense population and the high concentration of e-commerce shoppers in these markets. The multistory warehouse trend is just starting to emerge in the U.S., CBRE reports. The recently completed three-story, 590K SF Prologis Georgetown Crossroads…

In its latest project for Foundry Commercial, Miller Construction Company is underway with two new Class A industrial buildings totaling 318,043 square feet at the Miami Central Commons business park in Doral. Purchased by Foundry Commercial in 2017, the business park at 2301 NW 107 Avenue was previously known as Miami Free Zone. The park has two existing buildings. Miller’s $20.6 million tilt-wall construction project is creating 155,350 square feet of showroom space with Building 1 and 162,693 square feet of industrial…

With manufacturing on the decline, developers are increasingly turning old industrial buildings into distribution centers to meet growing demand for warehouse space. According to a report by Newmark Knight Frank, e-commerce is driving demand for industrial properties that can be repositioned into or demolished to make way for distribution centers. In the past decade, the U.S. has lost roughly 640,000 manufacturing jobs, according to the Bureau of Labor Statistics. Thomas Hanna, president of Harvey Hanna…

While not everyone may agree with the policies of President Trump, the fact of the matter is that the United States economy seems to be performing well. In fact, recent figures highlighted the fact that the jobless rate is now at a 49-year low of only 3.9 percent. While this is great news for the economy as a whole, we still need to keep in mind that many Florida-based small businesses are facing a number of challenges….