The ComReal Industrial Team, led by Patrick McBride, SIOR Esq. and Edison Vasquez, SIOR, CCIM, is proud to announce the successful sale of a warehouse property located at 3680 NW 73rd St. in the East Airport submarket of Miami-Dade County. The property was sold for $7,650,000 or approximately $160 per square foot.
"The sale of this warehouse property highlights the strength and depth of user demand for freestanding buildings in the Miami industrial market." said McBride.
"The sale of this warehouse property highlights the strength and depth of user demand for freestanding buildings in the Miami industrial market. End users are enjoying their moment in time in the South Florida market as they are able to outbid investment firms, especially in the East Airport submarket, which is historically more of an owner-user market." said McBride.
The success of this sale is a testament to ComReal's comprehensive marketing process. The team implemented a fully marketed approach, maximizing exposure for the property, which resulted in a wide range of potential buyers and procured several offers.
"Our experience has shown that a fully marketed process allows us to attract the largest number of potential user buyers who typically pay 10-20% more for properties than investment firms," noted McBride. "By ensuring maximum visibility and engaging a broad audience, we were able to maximize the price for our client."
The industrial real estate market in South Florida continues to be strong with Miami Dade County leading the way. The limited inventory of buildings and land sites has kept pricing close to or at record highs despite the spike in interest rates. In the first quarter of 2024, Miami-Dade's vacancy rate stood at 3.3%, with average rental rates reaching $20.22/Sq. Ft. gross. The average sale price in Miami-Dade was $252/Sq. Ft.
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About ComReal
Founded in 1979, ComReal is a leading industrial real estate firm with a proven track record of facilitating high-value transactions. The ComReal Industrial Team specializes in representing sellers, buyers, landlords, and tenants in the industrial real estate market, leveraging deep industry knowledge and a strategic approach to achieve outstanding results. The team’s specialties encompass a wide range of industrial real estate, including, dry and refrigerated warehouses, manufacturing facilities, rail served buildings, industrial outdoor storage (IOS) and foreign trade zone warehouses.
Contact:
Pat McBride ComReal Industrial Team 305-619-2937 pmcbride@comreal.com
Edison Vasquez ComReal Industrial Team 305-401-1085 evasquez@comreal.com
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