Prologis Pays $55M For Verizon Subsidiary HQ Near Doral With Plans For Industrial Redevelopment.
Prologis bought a Verizon subsidiary’s headquarters near Doral for $54.5 million, with plans for an industrial redevelopment. The San Francisco-based real estate investment trust scooped up the one-story building at 9700 Northwest 112th Avenue in an unincorporated area of Miami-Dade County from TracFone Wireless, according to records and real estate database Vizzda. Completed in 2000, the nearly 144,000-square-foot building is on […]
South Florida Commercial Real Estate Performance Summary
Over the last year, the South Florida commercial real estate market has remained resilient despite the wider economic slowdown. Still, moderate demand across property types has slowed rent gains, while new construction has widened space availabilities, particularly in the multifamily and big-box industrial segments. The most significant change from our prior update has been the marked slowdown […]
Cooling Inflation Boosts September Rate Cut Odds
Inflation declined to 2.5% in June, supporting the Fed’s potential September interest rate cuts and hinting at a “soft landing” for the economy. WASHINGTON — The Federal Reserve’s favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates […]
Miami Dade announces plans to build airport cargo facility.
Miami’s major airport is getting an upgrade with a new building expected to help meet the airport’s growing international commerce demands. The Miami-Dade County Commission approved a lease agreement with Miami Gateway Partners, LLC, to build a four-story cargo facility that would increase Miami International Airport’s storage capacity by 2 million tons, bringing its total capacity to […]
Prologis Raises Outlook in Bet on Warehouse, Data Center Demand.
Prologis, the world’s largest warehouse owner, raised its financial outlook for the year as a surge of leasing activity in the second quarter served as a promising industry sign that warehouse demand is starting to pick up again. The San Francisco-based real estate investment trust reported 52 million square feet in leasing volume in the quarter, up […]
County approves $400 million expansion project at Miami airport.
The Miami-Dade County Commission unanimously approved a 40-year lease that will allow a developer to build a $400 million cargo hub at Miami International Airport. Under the agreement passed by county commissioners on July 16, Miami Gateway Partners LLC will lease 11.2 acres of land at 1701 N.W. 63rd Ave. where the company will build […]
Small Bay Industrial Properties See Healthy Leasing and Limited Supply in South Florida.
While the large warehouse segment of the industrial market continues to grapple with the effects of a rise in supply and moderating demand, small bay industrial space remains in short supply, specifically in South Florida. Larger industrial properties, with more than 50,000 square feet, have seen their vacancy rates climb from lows of 3% in […]
Developers obtain $26 million construction loan for Hialeah warehouse
East Capital Partners and ViletCo Enterprises obtained a $26 million construction loan for a spec warehouse in Hialeah. First Bank Puerto Rico, doing business as FirstBank Florida, provided the mortgage to co-developers WGC 97th Property LLC, managed by Drew T. DeWitt, co-founder of Darien, Connecticut-based East Capital Partners, and NV Toro Owner, managed by Klaas […]
Large warehouse breaks ground in Miami’s Allapattah
Longpoint Realty Partners and Vivo Real Estate Group recently broke ground on a 107,632-square-foot cold storage warehouse in Miami’s Allapattah neighborhood at 2260 N.W. 27th Ave. Called Point 27th, the warehouse facility is projected to be finished early next year. It will include high-efficiency refrigeration systems, a glycol system, 37 dock-height doors, two ramps, 35-foot clear ceilings, […]
Amazon Signs Another Big Warehouse Lease in Southern California
The king of e-commerce has expanded again with another warehouse lease over 1 million square feet in Southern California. The property spans over 60 acres at 3945 Lytle Creek Road in Fontana, Calif., according to leasing marketing materials. The site is just off the Sierra Avenue exit on Interstate 15, about 12 miles northwest of Downtown San Bernardino. […]