Rising development costs, whether from high land prices or increased construction costs, has led investors to shift away from evaluating sites based on historical lease prices and instead betting on the potential for rent growth that could be spurred by a lack of supply.
The 4-acre property containing a 45,015-square-foot industrial building sold for $14.15 million. The site at 9200 N.W. 58th St. last traded for $950,000 in 1989.
There’s a shortage of parking spaces for trucks, heavy equipment and RVs in Miami-Dade as development has intensified throughout the county. This has increased the value of auto storage facilities with amenities for vehicle fuel and service.
As part of its ongoing effort to improve resiliency in the face of severe weather, FPL’s investments in Doral include moving more power lines underground, strengthening overhead lines and installing more intelligent devices along the energy grid to help detect potential problems and restore power faster when outages do occur.
Miami-based Asi Global is developing 125-key Even by IHG-branded property at 2005 Northwest 110th Avenue in Doral.