Elecon Wire | 4760 NW 165th Street in Miami Gardens has only one spot left before the complete building is leased out! The remaining space available is approximately ±23,000 SF with an office space of ± 1,500 SF. This industrial warehouse real estate location is ready to move in and also offers a secured parking lot with gates.
* Landlord will consider short term users – office/warehouse space
Located less than 1/2 mile from the entrance of the Palmetto Express, this property is within Palmetto Lakes Industrial Park. It’s centered location is just 2 miles from the Golden Glades Interchange and Turnpike entrance.
An investor is holding an auction for 325 retail units in the Miami Merchandise Mart, but the more than $8 million in taxes owed on those units could prove a concern to bidders.
The wholesale trading booths at 777 N.W. 72nd Ave. were seized in March 2014 after TK Miami LLC, managed by Tom KennedyJr. and George Martin, won a foreclosure auction with a $100,100 bid. That seemed like a great deal given that the previous borrower had a $7.4 million mortgage, but the property is saddled by liens.
Those units are up for auction on Jan. 21 and 22 through www.auctionhouseamerica.com and Robert Wohlfeld. They are advertised as low as $2,000 per unit, with sizes ranging from a few hundred square feet to 5,000 square feet.
According to a report written by court-appointed receiver Jeremy Larkin before he turned the property over to TK Miami, those units owed more than $8 million combined in property taxes to the county as of May 31. County records show that amount has not been repaid. The units also owed more than $7.7 million in dues to the condominium association. That works out to about $24,615 in taxes and $23,692 in dues per unit. The receiver’s report also details structural defects with the building that likely need improvement, such as the roof, fire safety equipment, the air conditioning unit, and the plumbing.
Our very own Rene Vivo was featured on CIASF’s 2015 Industrial Market Report video. Thank you CIASF, Dixon Commercial Real Estate and 1st National Bank of South Miami for putting on a great event!
The Commercial Industrial Association of South Florida Inc., “CIASF” is a non-profit organization of business leaders involved in the development, design, construction, sales, and leasing of Industrial and Commercial Real Estate in South Florida. Click here to watch the video.
Although the market continues to improve there is concern that rental rates and sales prices are reaching a peak. This results from an increase in the supply of quality industrial buildings coming online in 2014 and sales prices of existing buildings not supported by rental rates. Some landlords are offering a Rent Abatement. Typically, tenants are able to receive one month of free rent for every three years of lease terms and two months free rent for every five years of the lease term.
The newer industrial buildings feature a minimum 30’ of clear interior height, 54’ wide column spacing allowing for 4 loading doors, rear loading truck access with large parking aprons and easy truck access. Interior improvements include T-5 high efficiency lighting systems combined with motion activated switches, EFSR sprinkler systems , windows over the loading door for natural light and high quality interior finishes in the office areas with 9 to 12’ ceiling heights.
Strongest demand is for space between 10,000 SF and 30,000 SF. Landlords should reposition larger blocks of vacant second generation space, or older 24’ clear height product and subdividing these larger vacant spaces into smaller bays in order to target smaller tenants in the market.
Unlike previous years where we noted that Miami had become a temporary storage and transportation hub, manufacturing is on the rise. Latin American companies are moving their operations to Miami-Dade for political and economic reasons. These include food processing and aviation companies. In addition, medical drug and equipment manufacturing is active with some tenants purchasing their own facilities.
The market continues to improve, with lower vacancy rates, rental rates $.50 to $1.00/SF higher than last year and continued demand for industrial space from both a rental market and purchase market perspective. Tenants seem doubtful that the new Panamax Ships/Larger Port will benefit them directly. There is the possibility of larger amounts of perishable goods coming through on the ships from South America needing cooler space.
Bob Edge is the commercial real estate broker responsible for locating American Airlines to Fort Worth, Texas in 1979.
Over the last four decades, Robert T. “Bob” Edge became one of the best-known figures in Dallas commercial real estate.
The vice chairman of Cushman & Wakefield of Texas Inc. founded the company’s Dallas office in 1974 and worked on some of the area’s biggest real estate deals.
Edge, who celebrated his 40th anniversary with Cushman & Wakefield in September, died over the weekend. He was 81.
Edge represented some of Dallas’ biggest and most prominent office building tenants, including Mobil Oil, FedEx and Celanese.
He was the real estate broker for American Airlines when it moved its headquarters from New York to Fort Worth in 1979. Edge had met the airline’s CEO, Al Casey, at a golf tournament and pestered him for years about moving to Texas.
Edge played a key role in Cushman & Wakefield’s Dallas office until recently.
“A recent example of his high character can be found in his daily efforts to mentor some of our young professionals, giving them a wealth of knowledge on which to build their careers,” said Steve Everbach, the top officer at the Dallas office. “He was an example for us all to follow and will be sorely missed.
“Bob was involved with many of the largest and most impactful real estate transactions in the area, solidifying his place among the Dallas real estate legends.”
Edge started in the real estate business in Dallas in 1959 as a fresh graduate of Texas A&M University.
In 1965, he moved to California to work for the huge Tishman Realty and Construction firm.
The fourth-generation Texan was lured from Los Angeles back to Dallas in 1974 to help save a troubled downtown skyscraper. The 56-story First International Building, now Renaissance Tower, had opened its doors just in time for an economic downturn.
Prudential Insurance Co., which put up the money to build the $50 million Elm Street office tower, brought in Edge and New York-based Cushman & Wakefield to try to rent out the almost empty high-rise.
For two years, Edge didn’t find a single tenant for the property. “I thought I’d made the worst career decision of my life,” he often recalled.
That was until Mobil Oil signed an 11-floor commitment to the building in 1976. Edge said at the time it was “one of the larger, if not the largest office lease signed in the country this year.”
Wayne Swearingen, a Dallas real estate leader, recalls sitting down to meet with Edge soon after he moved to Dallas from California.
“I wanted to get to know him because I knew our future competition would come from big national companies like Cushman & Wakefield,” Swearingen said. “One of the neatest things about Bob was his willingness to share information and advice.
“If I had a problem with a client and needed to bounce it off someone,” Swearingen said, “I would call him and he would always help me.”
Over the years, Edge was honored with the local real estate industry’s Stemmons Service Award and was inducted into the Dallas Real Estate Hall of Fame. In 2009, the North Texas Commercial Association of Realtors and Real Estate Professionals created a scholarship to honor Edge.
Edge was raised in Kilgore and originally enrolled at the University of Colorado to study petroleum geology. He decided he’d be better off with a career in business and transferred to Texas A&M.