South Florida’s industrial real estate market’s second quarter proved to be its strongest period in three years, according to a recently released report from Newmark Knight Frank.
CBRE Senior Vice Presidents Larry Genet, Tom O’Loughlin and Senior Associate Jake Zebede negotiated the purchase of an ±80,000-square-foot freezer facility located at 650 NE 185th Street in Miami. Genet led the team in representing the buyer, Ivy Realty, which paid $13,250,000 in the off-market deal. Stuart T. Kapp of Kapp Morrison LLP represent Ivy Realty as legal counsel.
More warehouse spaces are sitting empty in South Florida. The delivery of new construction combined with the pandemic are to blame. Vacancies rose from the first to second quarter in Miami-Dade and Broward, according to the latest Colliers International industrial reports.
The industrial sector is expected to weather the economic ramifications of the COVID-19 pandemic better than other areas of the economy, according to an Industrial Sector Outlook report by Colliers.
Foundry Commercial broke ground on Midpointe Miami Logistics Park in Hialeah Gardens thanks to a $26.32 million construction loan. Wells Fargo Bank awarded the mortgage to Foundry Gallop Miami I LLC, an affiliate of the Orlando-based developer. It covers the 18-acre site at 14501 N.W. 109th Ave.
