Prices on warehouse units and offices have come down in '08. Prices are coming in line with the rental rates and as a result, some investment opportunities are being discovered. There are units now on our inventory for sale for far less than replacement cost or the comparable sales in the complex that they are located in. Here are three of our best priced properties currently for sale in the Tamiami Airport / West Kendall area:
Geronimo Park Warehouses
1,000 sq. ft warehouse unit
$120,000 ($120.00 per sq. ft.)
Kendallwood Park Warehouses
1,600 sq. ft. flex warehouse unit
$217,000 ($135.00 per sq. ft.)
Park Place II of Kendall Offices
1,260 sq. ft. office unit
$195,000 ($155.00 per sq. ft.)
Please contact me for more information on these properties or property for lease mailto:steve@sepm.net 305-984-5357.
Tuesday, December 30, 2008
Thursday, September 25, 2008
Class A Office Space For Sale
Units are now for sale in the finest class "A" building in the Tamiami Airport Business District area of Kendall. These office units, which are located in the Greenwich Commercial Village I building, provides a business owner the advantage of a prime location on 6 lane SW 137th Avenue. 137th Avenue has a traffic count of over 70,000 cars per day.
The units are for sale for $250 per square foot based on the Net square footage in the unit or $285,500. Sizes r
ange from 1,140 to 1,160 sq. ft. and can be combined to create 2,300 sq. ft. of contiguous office space. This class "A" Coral Gables style building has marble flooring throughout and a vaulted ceiling in the common entryway. Units include acoustical tile ceilings and lighting and are offered as vanilla shell units with large impact resistant windows. The 3 floor office complex includes ample parking, secure electronic entrance and and elevator. For more information click: http://listing.loopnet.com/15912750
The units are for sale for $250 per square foot based on the Net square footage in the unit or $285,500. Sizes r
ange from 1,140 to 1,160 sq. ft. and can be combined to create 2,300 sq. ft. of contiguous office space. This class "A" Coral Gables style building has marble flooring throughout and a vaulted ceiling in the common entryway. Units include acoustical tile ceilings and lighting and are offered as vanilla shell units with large impact resistant windows. The 3 floor office complex includes ample parking, secure electronic entrance and and elevator. For more information click: http://listing.loopnet.com/15912750Monday, September 8, 2008
OLA Commerce Park Warehouses Now Available
Ola Commerce Park, located at 14252-72 SW 140 Street, is now available for lease or purchase. OLA Condominium Warehouses is a brand new complex of 47 units completed just a few months ago. They are located in the heart of the Tamiami Airport Business District. These quality constr
ucted concrete units are available in both 900 or 1,000 sq. ft. and can be combined for additional square footage needs. The units are within minutes of the SW 120th Street Turnpike Interchange and Tamiami Airport in the West Kendall area of Miami. They are a 25 minute drive on the expressway to the Miami International Airport. These units feature a 110 sq. ft. office, bathroom, 20 foot high concrete ceilings in the warehouse, and 10 x 14 street level cargo doors. The complex has a gated entrance. Units are available for purchase for $165.00 per sq. ft. or for lease starting at $850.00 per month plus tax. For more information click: http://listing.loopnet.com/14425603
ucted concrete units are available in both 900 or 1,000 sq. ft. and can be combined for additional square footage needs. The units are within minutes of the SW 120th Street Turnpike Interchange and Tamiami Airport in the West Kendall area of Miami. They are a 25 minute drive on the expressway to the Miami International Airport. These units feature a 110 sq. ft. office, bathroom, 20 foot high concrete ceilings in the warehouse, and 10 x 14 street level cargo doors. The complex has a gated entrance. Units are available for purchase for $165.00 per sq. ft. or for lease starting at $850.00 per month plus tax. For more information click: http://listing.loopnet.com/14425603
Thursday, August 21, 2008
Tamiami Airport Runway Extension
Work on the planned runway extension at Tamiami airport is scheduled to begin in October of this year. The project will extend the existing runway 9R/27L. The runway will be extended 550 feet to the east and 1,798 feet to the west. This extension will allow aircraft to increase their fuel and/or cargo load and travel longer distances to and from the airport.
This should result in more flights from Central and South America and cross country flights to and from Tamiami airport. Tamiami airport is currently one of the busiest executive airports in the country. This extension should have a positive impact on our local economy as more business travelers choose to fly into Tamiami airport instead of Opa Locka or Miami International.
Tuesday, July 22, 2008
Dockheight Warehouse Project Nears Completion
The Dockheight warehouse complex located at 14855 SW 137th Street (just South of Tamiami Airport) should be complete within 30 days. This project consists of 4 units that are 3,800 sq. ft. total including an 800 sq. ft. mezzanine and a 400 sq. ft. office space with a bathroom. Each unit includes 1 dockheight level loading door. 2 units in the project are already sold. This project represents a rare opportunity to own a large dockheight space, as their are not many units in the Tamiami Airport area that are for sale at this size. E-mail me for more information: Steve@sepm.net
Tuesday, May 20, 2008
Retail Anchors Opening at London Square
HomeGoods, a home fashion and accessories outlet, is now open at London Square with Ross soon to follow. In addition, Costco will be opening May 30.
London Square is a 450,000 square foot shopping center that is located two miles south of Kendall Drive on the corner of SW 137th Avenue and 120th Street. This area has a population of over 370,000 in a 5 mile radius.
Large anchor tenants include Costco, ROSS Dress for Less, T.J. Maxx and HomeGoods. Other retail location commitments include Famous Footwear, Starbucks, Party City, Qdoba Mexican Grill, Subway, Payless Shoe Source, SportClips, Great Florida Bank, GameStop, Mattress Giant, Five Guys Burger & Fries, Panda Express, Wachovia Bank, Intercredit Bank and Miami Children’s Hospital.
Carina's Stone-Fired Pizza, an Italian-style restaurant specializing in stone-fired pizza with sit-down service and Sergio's, a family-style Latin restaurant will provide much needed restaurant choices for this area.
London Square was built on a 40 acre vacant land parcel on the NW corner of a section outlined many years ago by Miami-Dade county for industrial use. It was the site of U-pic strawberry fields for many years while it was owned by a gentleman named Dr. London (hence the name London Square.) It was one of the largest undeveloped parcels of land in this area for many years. This arial photo shows section 14 (640 acres of land) and the 40 acres when it was still vacant at the bottom left hand corner.
London Square is a 450,000 square foot shopping center that is located two miles south of Kendall Drive on the corner of SW 137th Avenue and 120th Street. This area has a population of over 370,000 in a 5 mile radius.
Large anchor tenants include Costco, ROSS Dress for Less, T.J. Maxx and HomeGoods. Other retail location commitments include Famous Footwear, Starbucks, Party City, Qdoba Mexican Grill, Subway, Payless Shoe Source, SportClips, Great Florida Bank, GameStop, Mattress Giant, Five Guys Burger & Fries, Panda Express, Wachovia Bank, Intercredit Bank and Miami Children’s Hospital.Carina's Stone-Fired Pizza, an Italian-style restaurant specializing in stone-fired pizza with sit-down service and Sergio's, a family-style Latin restaurant will provide much needed restaurant choices for this area.
London Square was built on a 40 acre vacant land parcel on the NW corner of a section outlined many years ago by Miami-Dade county for industrial use. It was the site of U-pic strawberry fields for many years while it was owned by a gentleman named Dr. London (hence the name London Square.) It was one of the largest undeveloped parcels of land in this area for many years. This arial photo shows section 14 (640 acres of land) and the 40 acres when it was still vacant at the bottom left hand corner.
Wednesday, May 14, 2008
Businesses React to Changing Economy
The latest trend in our commercial real estate market is a move toward smaller spaces as some businesses increase their cost cutting efforts. Some business owners are downsizing into smaller warehouses and offices until their business picks up. Other factors changing our market are rising rent prices in other office markets and high gas prices. These new conditions are providing companies incentive to relocate to where their employees live.
According to CBRE's latest quarterly market report "More tenants are considering moving from Coral Gables and the Central Business District (CBD) as rental rates have increased over the past several years. More companies are looking at Airport West and the eastern portion of the Kendall Submarket as alternatives."
In addition to influencing factors from other markets, we are now seeing local landlords beginning to relent on their sale and lease prices in an effort to stand out from the growing inventory. As a result of the lower lease prices (for warehouses in particular) the market is starting to absorb the 600-1,500 sq. ft. units, although the inventory remains relatively high.
According to CBRE's latest quarterly market report "More tenants are considering moving from Coral Gables and the Central Business District (CBD) as rental rates have increased over the past several years. More companies are looking at Airport West and the eastern portion of the Kendall Submarket as alternatives."
In addition to influencing factors from other markets, we are now seeing local landlords beginning to relent on their sale and lease prices in an effort to stand out from the growing inventory. As a result of the lower lease prices (for warehouses in particular) the market is starting to absorb the 600-1,500 sq. ft. units, although the inventory remains relatively high.
Thursday, May 1, 2008
New Retail Center Coming Soon
There is a new retail center that will be breaking ground on the corner of SW 131st Street and 137th Avenue in front of the new Holiday Inn Express. Pineland Retail Center will include 31,000 sq. ft of ground floor retail space and 18,000 sq. ft. of 2nd floor office space.
The center will also have locations for a couple of restaurants and a possible bank site. Retail bays will start at 1,200 sq. ft. The center should be ready for occupancy in the Summer of 2010.
Tuesday, April 29, 2008
New Connection to Expressway Planned
MDX has begun a Concept Project Report to evaluate the potential of a .jpg)
new ramp connection from SR 874 the (Don Shula Expressway) to SW 136th Street at SW 127th Avenue. SR 874 currently ends at the interchange with SR 821/Florida’s Turnpike. This new ramp connection would provide an additional expressway access and relieve congestion on SW 120th Street where it connects to the Turnpike. The concept phase will end in June 08, at which time they will evaluate the next step in proceeding.
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new ramp connection from SR 874 the (Don Shula Expressway) to SW 136th Street at SW 127th Avenue. SR 874 currently ends at the interchange with SR 821/Florida’s Turnpike. This new ramp connection would provide an additional expressway access and relieve congestion on SW 120th Street where it connects to the Turnpike. The concept phase will end in June 08, at which time they will evaluate the next step in proceeding.
Office Condos For Sale or Lease
(Originally Published 3/15/08)
Near the end of 2006 small warehouse units (1,000 - 2,000 sq. ft.) in the area reached a peak, and a level of unsustainability, at $160.00 per sq. ft. We have since seen a decline to a level near $135.00 per sq. ft. Existing office condo units in the area have faired well and have declined very little, as they did not experience the run up that the new office construction did. They remain at a value between $180.00 - $210.00 per sq. ft. for the older finished office complexes such as Tamiami Commerce Center or Park Place I-IV.
As amateur investors flooded our market in '05, developers responded in quick fashion by buying up some of the last remaining vacant land parcels and
constructing speculative office condos. As a result, there is currently a huge oversupply (approximately 150,000 sq. ft. ) of completed office space sitting on the market empty. As developers struggle to hold on to these empty buildings and their carrying costs mount, the unit prices will inevitably begin to come down (this is already happening.) Savvy investors should be ready to purchase these shell office units at deep discounts in the coming months. They will eventually come in line with rental prices and make sense as an investment rental property and become affordable again for small business's to purchase for their own use.
The long term forecast for commercial values in our area is positive, as our land supply continues to diminish and as people move into newly finished housing units. Our area is seeing capital improvements, such as, the 4 lane-ing of SW 124th and 136th St., the connecting of SW 136th and 120th St. behind Tamiami airport, and the completion of the 40 acre retail center London Square. Most experts agree that our diverse and international economy is better suited to work out of a downturn, and local recovery should come sooner than the rest of the country.
Near the end of 2006 small warehouse units (1,000 - 2,000 sq. ft.) in the area reached a peak, and a level of unsustainability, at $160.00 per sq. ft. We have since seen a decline to a level near $135.00 per sq. ft. Existing office condo units in the area have faired well and have declined very little, as they did not experience the run up that the new office construction did. They remain at a value between $180.00 - $210.00 per sq. ft. for the older finished office complexes such as Tamiami Commerce Center or Park Place I-IV.
As amateur investors flooded our market in '05, developers responded in quick fashion by buying up some of the last remaining vacant land parcels and
constructing speculative office condos. As a result, there is currently a huge oversupply (approximately 150,000 sq. ft. ) of completed office space sitting on the market empty. As developers struggle to hold on to these empty buildings and their carrying costs mount, the unit prices will inevitably begin to come down (this is already happening.) Savvy investors should be ready to purchase these shell office units at deep discounts in the coming months. They will eventually come in line with rental prices and make sense as an investment rental property and become affordable again for small business's to purchase for their own use.
The long term forecast for commercial values in our area is positive, as our land supply continues to diminish and as people move into newly finished housing units. Our area is seeing capital improvements, such as, the 4 lane-ing of SW 124th and 136th St., the connecting of SW 136th and 120th St. behind Tamiami airport, and the completion of the 40 acre retail center London Square. Most experts agree that our diverse and international economy is better suited to work out of a downturn, and local recovery should come sooner than the rest of the country.
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