The ComReal Industrial Team, led by Edison Vasquez, SIOR, CCIM and Chris Spear, SIOR, CCIM, is proud to announce the successful sale of an industrial property, located at 8375 NW 56 St. in the City of Doral, within Miami-Dade County. The sale price was $8,755,500, and the site featured a +/- 21,334 Sq.Ft. building on a +/- 1.76 Acre lot.
The achievement of this sale demonstrates the effectiveness of ComReal's extensive marketing strategy. The team utilized a thorough approach to ensure maximum exposure for the property to both users and investment groups. The IOS attributes of this site paired with ComReal’s comprehensive marketing efforts resulted in the quick identification of a wide range of buyers, along with the procurement of several offers.
"The sale of this property highlights the strength and depth of user demand for industrial service facilities in the South Florida industrial market. The heavy equipment industry continues to thrive causing users to seek larger IOS sites as they expand across South Florida." said Spear
"One of our team’s main focuses is the outdoor storage and industrial service facility asset class. Our comprehensive knowledge of the space allows us to position these types of properties in front of the right investment firms and users. In today’s current higher interest rate environment, users have been paying 10-20% more for a property than investment firms, and we expect this trend to continue. By implementing and executing on our marketing plan, we are able to create a competitive bidding scenario and get to the final sale price," noted Vasquez.
"The sale of this property highlights the strength and depth of user demand for industrial service facilities in the South Florida industrial market. The heavy equipment industry continues to thrive causing users to seek larger IOS sites as they expand across South Florida. Via this acquisition, the buyer will be doubling their footprint in Miami. We expect to see further consolidation in the industry,” said Spear.
The industrial real estate market in South Florida remains robust, with Miami-Dade County at the forefront. Despite rising interest rates, the limited inventory of buildings and land has kept prices near or at record highs. In the second quarter of 2024, Miami-Dade's vacancy rate edged up to 4.1%, while average rental rates increased to $20.37 per square foot gross. The average sale price in Miami-Dade was $259 per square foot.
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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.
ComReal Contacts:
Edison Vasquez, SIOR 305-401-1085 evasquez@comreal.com
Chris Spear, SIOR 305-807-7662 cspear@comreal.com
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