MIAMI—Miami's Airport West submarket continues to lead the industrial market charge in South Florida. And if anyone doubted that, Jones Lang LaSalle just offered more proof.
JLL has inked three industrial property sales spanning 60,000 feet there. The total asset value: $8 million.
“Leasing and sales activity remains strong in the Airport West submarket with many existing companies seeking expansion as a result of increased international trade,” says JLL vice president Nick Wigoda. “The region's strong ties to Latin America and the Caribbean are also driving building prices up in this submarket.”
Considered the primary industrial market in Miami-Dade, Airport West offers about 32 million square feet of space. Both port and airport users favor the area, which is home to a tenant mix that includes freight forwarders, food and beverage distributors and third-party logistics companies, according to JLL's Miami-Dade Industrial Outlook Report. The submarket's location along the Dolphin (SR-836) and Palmetto (SR-826) Expressways and the Florida Turnpike Extension offers prime access to the airport for time sensitive cargo shipments, the report states.
The deal flow continues steady. JLL managing director Steven Medwin and Wigoda represented Smile Market, a cameras and accessories company, in the acquisition of an 18,500-square-foot warehouse for $2.35 million at 3381-3389 NW 97th Ave. Kaizen Realty represented the seller, Chesapeake Bay International, Inc.
The duo also represented Vaxtronic, LLC in the purchase of an 18,753-square-foot warehouse property at 2150 NW 102 Place for $2.25 million. Vivo Realty represented the seller, M.J.M.B. Enterprises.
These acquisitions gave both electronics companies an opportunity to expand their spaces by 80% in Miami-Dade. Airport West offers Smile Market and Vaxtronic a strategic location, as both companies export their electronic products to Latin America.
In a separate transaction, JLL's Medwin, Wigoda and associate Matt Maciag also represented Americatel, Inc., in the sale of a 21,000-square-foot office/flex building on 2.5 acres at 4045 NW 97th Ave. in Doral. The buyer, Florida City Gas, paid $3.34 million.
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