Colour Republic owner Remi Davalos and the Westpointe Business Park
December 07, 2016 09:45AM
By Sean Stewart-Muniz
Colour Republic owner Remi Davalos and the Westpointe Business Park
The closing of another large-scale lease is a sign that Miami-Dade County’s industrial market is in full bloom this year.
Colour Republic, a wholesale flower seller and distributor, just agreed to lease 93,000 square feet of warehouse space at Clarion Partners’ Westpointe Business Park in Doral, marking the 12th-biggest lease inked in 2016.
Commercial brokerage Transwestern announced the deal Tuesday. The company’s Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria brokered the deal on behalf of Clarion, while Carlos Velasquez and Tommy Gil of Vivo Real Estate Group brought the tenant.
The announcement described Colour Republic’s lease as long term, though Kresse declined to disclose an exact term or the agreed upon price. However, data from the CoStar Group shows asking rents in the area average $9.21 per square foot.
Kresse told The Real Deal that the deal took about 30 days to come together: freestanding buildings as large as the one Colour Republic leased rarely stay unoccupied for long. The warehouse park’s close proximity to the Miami International Airport is also a big selling point to distributors, especially those in the flower business, which relies heavily on imports.
The lease brings Westpointe Business Park and its 285,000 square feet of rentable space up to 95 percent occupancy, Kresse said. Clarion, investing on behalf of a commingled fund, bought the three-building campus for $38.45 million in 2014, according to county records.
Industrial real estate has proven to be a hot ticket in Miami-Dade this year as the market tightens, both for investors and speculative developers. Some of the most notable recent developments have been Flagler Global Logistics’ massive Flagler Station industrial park, along with Bridge Development Partners’ continuously growing portfolio of warehouse projects in South Florida.
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MIRAMAR, FL—The developer of the highly successful The Miramar Park of Commerce reports it has begun construction on the last speculative warehouse development at the property and what it believes could be perhaps the last spec warehouse project in all of Southwest Broward County for some time.
Sunbeam Properties says work has begun on the first of two phases of the MPC-29 project, which will consist of 225,443 square feet. The first building, MPC-29A, is expected to be completed in the fourth quarter of this year and is being marketed by Vivo Real Estate Group.
MPC-29 offers modern warehouse spaces as small as +13,000 square feet. The buildings are 32-foot clear with ESFR fire sprinkler systems, have a 172-foot deep truck court, 60-foot deep speed bays, and clerestory windows that allow for natural light and parking in excess of code.
While Sunbeam officials note that no leases have been signed to date for MPC-29, the predecessor building MPC-28, which was completed last year, is fully leased to three companies. The Miramar Park of Commerce consists of more than 5 million square feet of warehouse, flex and office space and is currently 99% leased.
Despite its near full occupancy, Andrew Ansin, vice president of Sunbeam Properties, says, “Rent, land values and construction costs have combined in a manner that precludes speculative warehouse construction beyond MPC-29 at the Miramar Park of Commerce.”
Vivo Real Estate Group received a congratulatory letter from Governor Rick Scott for making the South Florida Business Journal’s list of top 25 commercial real estate brokerage firms.Letter from Governor to Vivo Group
Branch Banking & Trust Co. sold most of the units in the Miami Lakes Corporate Center Condominium at an 18 percent discount to its foreclosed mortgage.
The bank (NYSE: BBT) seized the 44 office condos at 14750 N.W. 77th Court in 2013 after foreclosing on New Dawn Miami Lakes’ $7.6 million mortgage.
BB&T affiliate Eagle FL I SPE recently sold the 65,000-square-foot property for $6.2 million to JIK Palmetto. Sperry Van Ness Managing Director Matthew Rotolante, Director of Sales and Operations Caroline Camus and senior advisor Eric Amat represented the bank in attracting 12 bidders for the property.
The buyer, an affiliate of Miami-based Kislak Organization, was represented by Rene Vivo and Tommy Gil of Vivo Real Estate Group. Northern Trust Co. provided a $6.65 million mortgage to the buyer.
Aircraft service and repair firm Bonus Tech has moved to a larger facility near Miami International Airport.
CBRE First VP Ron Berger represented the owner of the MIA Distribution Center at 2525 N.W. 72nd Ave. in leasing 67,000 square feet to Bonus Tech. The 107,000-square-foot building, which is owned by Abrams Llewelln II, is now nearly 100 percent occupied. Berger said the new facility will give the company room to grow.
Bonus Tech was represented by Carlos Velasquez, of Vivo Real Estate Group. The company was previously located at 1777 N.W. 72nd Ave.
Miami International Freight Solutions has signed a lease for 190,707-square-foot at the Terreno Miami Lakes Distribution Center, closing one of the biggest industrial deals of 2011.
Terms of the 7.5-year lease on the facility, at 14100 N.W. 60th Ave., were not disclosed. Miami International Freight Solutions is scheduled to move in the space in March.
The warehouse, which sits on 13.2 acres, is undergoing renovations, which is one of the reasons the new tenant chose to relocate there, said landlord representative Carlos Velasquez, senior director with Vivo Real Estate Group.
“This space, in particular, represents forward-thinking on the part of the landlord,” Velasquez said. “Terreno had the foresight to purchase and refurbish the building, fully appreciating its potential.”
Miami International Freight Solutions had been located at Centergate in Gratigny in Hialeah. The company’s exit from Centergate makes way for the leasing of 475,000 square feet of space to international promotional products company Bullet Line, a subsidiary of Polyconcept North America, said Jose Juncadella of Fairchild Partners, who brokered the original Miami International lease at Centergate in 2010.
The Bullet Line deal is one of the largest industrial leases to be closed in South Florida in several years.
Three big industrial sales in Miami Lakes bode well for the submarket’s future, but leasing activity is still down compared to two years ago, despite signs of an improved market.
Miami Lakes’ industrial leasing was 50,595 square feet in 2010, compared with 72,200 square feet in 2009 and 170,778 square feet in 2008. In comparison, the Hialeah submarket nearly doubled activity, year-over-year, to 233,237 square feet in 2010, and Airport West activity fell to 1.3 million square feet from 2.3 million square feet in 2009.
Despite its challenges, occupancy continues to be one of Miami Lakes’ strengths. Its industrial space was 93 percent occupied in 2010, down slightly from 96 percent in 2009 and 95 percent in 2010.
Stability is what draws a lot of investors to the submarket, said Rene Vivo of Vivo Real Estate Group.
VF Miami Lakes LLC, Rene Vivo – Principal, sells Palms Corporate Centre in Miami Lakes for $18 million dollars. The property was bought in 2006 for about $13 million. The 16-acre site has (6) 40,000 sq ft buildings and (1) 11,500 sq ft building.
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