(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)

MIAMI—A group of Tampa-based investors is cashing out of its Miami Gardens industrial asset. JDRP Associates sold its Palmetto Lakes Distribution Center to Miami-based Caribbean Investments for $4.4 million.
 
Located at 4760 NW 165th Street just north of the Opa Locka Airport within the Palmetto Lakes Industrial Park, the Palmetto Lakes Distribution Center building is a dock-high industrial property built in 1978. 

CBRE first vice president Ron Berger, an industrial specialist with the Miami office, marketed the asset for sale on behalf of the seller. Carlos Velasquez of Vivo Real Estate Group provided representation to the buyer.

Although investors are snapping up older industrial assets at slight premiums—market sources say the 95,583-square-foot center was worth about $4.7 million—new industrial properties are coming out of the dirt with current market demands in mind. And tose demands are varied.

Andrew Lehrer, an industrial specialist with CBRE in Miami, tells GlobeSt.com, the next wave of industrial development will look different than the past cycle. One of the defining features of new Miami industrial development is higher ceiling heights.

“Whereas the last round of construction saw buildings with 24-foot clear ceilings, the new buildings have 28-foot clear or 30-foot clear," he says. "One of the buildings coming to market is actually going to be 36-foot clear.”

Most of the new Miami industrial construction isn’t in Miami Gardens—it’s in Doral or Medley. Lehrer says some industrial buildings will be shallow with many doors while other will be deeper with fewer doors. He expects a strong mix.

“On the site plans developers and investors are looking at, you are seeing some different configurations to try to match what tenants in the market are looking for,” Lehrer says. “What we are hearing more of is that they want as many doors as possible to get the goods in and out as quickly as possible.”

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