Longpoint Realty Partners and Vivo Real Estate Group recently broke ground on a 107,632-square-foot cold storage warehouse in Miami’s Allapattah neighbourhood. The facility is 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 and a glycol system. Moreover, the facility will have 37 dock-height doors, two ramps, and 35-foot clear ceilings. It will also feature a private 120-foot truck court and 2,700 square feet of flexible office space.
“With Florida ranking third nationally in cold storage inventory, this Class A facility is an answer to the area’s surging demand,” Vivo Real Estate Group CEO Rene Vivo said.
Carlo Mendoza of Amsterdam-based planning firm Arcadia will design Point 27th, and construction will be led by Guillermo “Willy” Fernandez and Mike Quesada of Link Construction. Vivo, Tommy Gil, Frank Trelles and Juliano Lopez of the Hialeah-based Vivo Real Estate will handle leasing.
In August 2022, a Longpoint subsidiary paid $16 million for the development site, a six-acre former trailer park. Vivo Real Estate assisted Longpoint in underwriting the deal. In addition, the company provided the Boston-based real estate investment firm with site planning and development services, Rene Vivo said.
Warehouse space is a valuable commodity in Allapattah due to its proximity to Miami International Airport, PortMiami and the downtown Miami-Brickell area, Vivo said.
“The [Allapattah] market is the central hub for the wholesale of produce, dry goods and frozen products that end up being cooked and served at local restaurants, hotels and distributed through local ethnic supermarkets and bodegas,” Vivo said.
However, developers aren’t building more warehouses in Allapattah. Instead, some are being redeveloped into art studios, retail, and offices. And in neighbouring Wynwood, warehouses are being replaced by residential, office, and retail projects.
Both trends have pushed rentals in Allapattah upward “to new levels,” Vivo said.
In the Miami Airport East submarket, which includes Allapattah, the average listed rent for a warehouse and distribution building was $23.18 a square foot in the first quarter of 2024, according to a Colliers report. In all of Miami-Dade County the listed rent for a warehouse in the first quarter was $16.76 a square foot.