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. […]
Foundry breaks ground on warehouse at airport with $30M loan
Foundry Commercial broke ground on a warehouse at Miami-Opa locka Executive Airport thanks to a $30.1 million construction loan. Regions Bank provided the leasehold mortgage to Foundry Meek IV LLC, an affiliate of Orlando-based Foundry Commercial, in partnership with the nonprofit Carrie Meek Foundation and Clarion Partners. It covers 20.3 acres that the developer leases […]
Blackstone plans 128,000-square-foot warehouse in Miami-Dade
Link Logistics, the industrial arm of investment giant Blackstone, has proposed a warehouse near Miami Springs and Medley. The New York-based developer filed a pre-application with Miami-Dade County officials concerning the 6.35-acre site at 7320 N.W. 61st Street. Blackstone affiliate B10 NW 74th Ave Owner LLC acquired the property, formerly a vehicle storage and propane sales […]
Property Management Success: Cool Heads for Cold Storage
Over the past several years, cold storage has become an increasingly heated industrial specialty. According to Grand View Research, the climate-controlled storage sector, worth $36.9 billion as of 2023, is expected to grow 17.5 percent annually by 2030. Much of this demand is structural. In a recent CPE Viewpoint, David Greek of Greek Real Estate Partners cited increased […]
Industrial Rents Rise as New Pipeline Rebalances
National industrial in-place rents increased by 7.6% year-over-year to an average of $7.74 per square foot in January as the industrial new supply pipeline undergoes a rebalancing, according to CommercialEdge’s February Industrial Report. The national vacancy rate rose 20 bps month-over-month to 4.8% as nationwide, an increase of 80 basis points over the last 12 […]
Cold Storage Is Hot — and It Will Stay That Way for A While
Forget labs or data centers. The true mission critical infrastructure of American life is the 3.7 billion square feet of big, boxy refrigerated warehouses that have recently become a real estate asset of interest. Significant changes in grocery shopping, restaurant operation, pharmaceutical storage (including new diet drugs), online ordering and meal kits, agriculture, food manufacturing […]
The Changing Direction of Industrial CRE
The future of industrial CRE is strong, but advancing in a new direction, according to a report from Newmark and NAIOP. CRE for advanced manufacturing is the wave of the future, while warehousing and distribution take a back seat, the report finds. It predicts new construction related to the high tech, automotive, energy and biomanufacturing […]
Industrial Sector Set for 2024 Transformation
The industrial sector—which has been on a hot streak for several years—experienced a significant cooling-off in 2023. As we look ahead to 2024, CommercialEdge anticipates a period of stabilization and normalization in the sector. In 2024, rent growth is expected to slow and vacancy rates to rise due to a surge in new supply. Although Mexico overtook China […]
