As South Florida’s industrial space sector expands to stay ahead of robust demand, Miller Construction Company has launched construction of the initial 200,372-square-foot, Class A business distribution/warehouse building in Gateway Commerce Park in
Miami Gardens for EastGroup Properties.
Planned to include 850,000 square feet of upscale industrial space at buildout, the 61-acre business park located at Florida’s Turnpike and NW 215th Street is industrial real estate developer and operator EastGroup Properties’ entry into the Miami-Dade market.
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Colliers’ Steven Wasserman and Erin Byers represented real estate investment firm Elion Partners in the recent acquisition of two industrial properties, expanding the firm’s strategic footprint in South Florida.
The properties include 2875 NW 77th Ave. in Miami, a 59,135 square foot building fronting the Palmetto expressway in the heart of Doral, purchased for $7.23 million from seller Pola’s Enterprises and 3400 Park Central Boulevard N. in Pompano Beach, a 43,000 square foot building, purchased for $4.15 million from seller KEI Properties, LLC.
The deals are indicative of the ongoing interest from institutional investors making strategic investments in industrial product, with a particular focus on South Florida. High barriers to entry such as limited land availability have forced investors to move swiftly, with the heightened demand for space especially evident in Miami-Dade County, as a colossal 1.27 million square feet of industrial space was absorbed during 2Q 2018.
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Industrial developers in coastal U.S. markets are cashing in on the extraordinarily high demand by small businesses for for-sale modern warehouse facilities of between 25,000 and 40,000 sq. ft.
Continue reading “Demand for Smaller Industrial Buildings Surges In Coastal Markets”