INDUSTRIAL DEVELOPABLE LAND OPPORTUNITIES ARE HITTING THE MARKET
With the industrial market experiencing a 4.7 percent vacancy rate in Miami-Dade, the demand for industrial developable land is heating up. But while industrial land is becoming scarce, it is possible to find rare investment opportunities where to build the next generation of industrial properties. Last month, I listed an industrial site along I-95 at 17707 Northwest Miami Court and midway between the Miami International Airport and Fort Lauderdale International Airport. The property’s strategic location provides easy access to the Port of Miami and Port Everglades in Fort Lauderdale. The asking price for the 488,232 square-foot industrial property near Aventura is $13 million. The Real Deal recently reported on the listing, saying how rare it is to find an 11-acre development site that is up for grabs. (You can read the TRD article here.)
The property – with over 800 feet of frontage along I-95 – is zoned IU-2 (Heavy Manufacturing District), which allows for a wide variety of industrial and office uses. Under the current zoning, the site could see redevelopment of about 250,000 square feet. At this moment, the property is being occupied by multiple businesses and generates a net income of $85,000 to $100,000 per month.
According to the latest Marcus and Millichap industrial report for Miami-Dade County, the current business cycle has fostered tremendous demand for product near major transportation routes and distribution hubs. With this industrial property is strategically located near I-95, US441 and SR 826, it is ideal for regular or large-scale industrial use, a distribution center or even an entertainment destination.