Amazon Inks Huge Lease Deal In Doral

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Amazon.com has signed a lease for a distribution and fulfillment center in Doral that will could create approximately 500 new jobs in the area.

The announcement corresponds with increases in manufacturing activity, international trade, and online shipping in industrial real estate in South Florida.

The 335,841-square-foot space leased by Amazon is in the Miami International Distribution Center, located at 1900 N.W. 132nd Place.

KTR Miami constructed the building last year.

The driving force behind securing a distribution center in Miami is that most customers in the region are demanding same-day delivery. Not only is it great to have Amazon in Miami, but the center could generate approximately 500 new jobs, said George Pino, Principal at State Street Realty.

“I don’t know what’s next, maybe delivery by drones? But it’s great to have them here,” Pino said.

And not only is the Seattle-based company moving into Doral, it is also opening up a store.

“They’re doing a huge distribution facility, [but] they’re also opening up a brick-and-mortar store,” said Ken Krasnow, managing director for CBRE South Florida. That location has not been announced, he added.

The increased use of technology and online sales is redefining the supply chain of e-commerce retailers, and more of these companies are looking to improve speed of delivery to remain competitive.

Because of that, the location of warehouses and distribution centers is likely to play a critical role, more than ever before in industrial real estate, Pino said. Amazon’s Doral lease is just one way to get packages on front stoops quickly.

 

Source: SFBJ

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Miami Real Estate Market Keeps Rolling

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The performance of the Miami real estate market remains consistent with record activity in 2013 due to strong demand despite increased existing and new construction supply.

Median and average sales prices continue to rise, according to the latest statistics from the Miami Association of Realtors.In the third quarter, the median sales price for homes in Miami-Dade County was $250,000, an increase of 8.7% compared to last year while the median sale price for condominiums rose 3.5% to $189,900. These third quarter price increases mark 11 consecutive quarters of growth for both single family homes and condominiums.

‘The Miami real estate market continues to attract the attention of both domestic and foreign buyers, fueling solid growth and creating opportunities for both buyers and sellers, said Liza Mendez, chairman of the association’s board. ‘While there is more supply available than a year ago, there is still strong demand, and the growth of supply, new listings, sales and prices is more moderate, resulting in a more balanced market,’ she added.

In Florida the state wide median sales price for single family existing homes in the third quarter was $182,000, up 4% from the same quarter a year ago, according to the latest housing data released by Florida Realtor. The median sales price for condominiums in Florida was up 6.9% compared to the same quarter last year at $139,000. Compared to last year, the average sales prices for single family homes and condominiums in Miami-Dade County increased 14.9% to $438,431 and 3.8% to $341,927, respectively.

There were 7,632 homes and condos sold in Miami-Dade County during the third quarter of 2014, a decrease of 5% compared to the third quarter of 2013, when there was record sales activity. Sales of single family homes increased 0.2% to 3,552, while condominium sales decreased 9% to 4,080 compared with the same period in 2013.

‘In Miami, market performance continues to vary greatly depending on location, property type, price range and other factors,’ said Franciso Angulo, residential president of the Miami Association of Realtors. ‘While in most cases, increased supply is offering buyers more choices and less pressure, others are still experiencing significant competition and bidding wars,’ he explained.

He pointed out that the Miami Association’s initiatives to increase inventory and focus on assisting members to get more listings has proven successful along with some additional distressed properties coming on the market. In addition, the fact that sales remain at historically strong levels while inventory is growing points to seller confidence. Sellers are listing properties for sale because they have confidence in the market, according to Angulo.

Home and condominium listings also increased in the second quarter but by narrower margins. There were 6,237 new single family home listings during the third quarter, a growth of 5.1% relative to the same period last year. New condominium listings increased by only 1% from 8,282 in the third quarter of 2013 to 8,366 this year.

At the current sales pace, current inventory represents 5.7 months of inventory for single family homes and 8.1 for condominiums. Compared to the third quarter of 2013, months supply of inventory for single family homes and condominiums increased 13.5% and 33.6% respectively. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

The median days on the market of single family home listings during the third quarter was 45 days compared to 37 days during the same period last year, an increase of 21.6%. Similarly, the median days on the market for condominium listings were 57 days compared to 46 last year, an increase of 23.9%. In the third quarter some 55% of closed sales were all cash compared to 59.2% a year ago. All cash sales were 40.4% of single family home closings and 67.5% of all condominium sales.

Since nearly 90% of foreign buyers pay cash, the association says this reflects Miami’s position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating more than double the cash transactions than the national average.

 

Source: NuWire Investor

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Co-Working Center Signs Big Lease On Lincoln Road

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WeWork signed a lease for 40,000 square feet to open a co-working space in Miami Beach.

CBRE’s Maggie Guajardo Kurtz and Nancy Cibrano, of N Cibrano Realty, were the brokers for the landlord at 350 Lincoln Road. The 50,000-square-foot building, owned by The Wings Group, is now fully leased.

“This property’s location on the doorstep of the world-renowned Lincoln Road, along with its unique, historic features, makes it ideal for WeWork’s first Miami location,” Kurtz said in a news release.

WeWork offers flexible leases, from individual desks to small office spaces. Tenants are supported with high-speed internet and conference rooms, and also get discounts on services such as Shopify, Uber, Zipcar and legal services. It has more than 20 locations.

“The vibrancy of Miami’s small business and start up communities is the perfect match for WeWork’s unique offerings and energy,” said Mark Lapidus, director of real estate at WeWork. “We look forward to opening our doors and fueling the growth of the city’s many small businesses.”

WeWork should open in Miami Beach in the first quarter.

 

Source: SFBJ

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Donor Gives $175K To Remove Toxic Soil From Miami Park

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An anonymous donor has pledged $175,000 to help the city of Miami remove a large mound of unearthed, toxic soil sitting in the middle of a contaminated Coconut Grove park.

Letters from the city announcing the donation were delivered this week to residents living near Merrie Christmas Park, located on South Le Jeune Road and Barbarossa Avenue on the border between South Coconut Grove and Coral Gables. The park has been closed for more than a year due to unsafe levels of heavy metals like barium and arsenic in the soil.

The city is pursuing a county-approved $1.5 million plan to remediate the sloping, bowl-shaped lawn by covering contaminated soil with two feet of clean fill. But aspects of the project proved controversial with neighbors, who have been especially opposed to a proposal to redistribute tainted soil from higher elevations of the park to lower elevations in order to re-grade the park.

A group calling itself Friends of Merrie Christmas Park demanded the city remove the unearthed tainted soil altogether. For weeks, Commissioner Marc Sarnoff and Deputy City Manager Alice Bravo told residents the city could not afford the dumping fees at Merrie Christmas and the five other contaminated city parks, arguing that what is done for one should be done for all.

But this month, during a contentious public gathering at City Hall, Sarnoff and Coral Gables Commissioner Vince Lago told residents they’d help raise private donations to foot the bill if neighbors raised $50,000 themselves. Sarnoff, though, dropped that request. And on Wednesday, the city sent out a letter from Capital Improvements Director Mark Spanioli announcing that the money had been raised, and the mound would be removed.

“We should probably have something in writing the next few days,” said a grateful Lago, who like Sarnoff declined to name the donor.

Sarnoff said the $175,000 donation would be made directly to the city of Miami, in the form of a grant. He said the remediation project could be completed by Christmas.

The news pleased some frustrated residents, who nevertheless remain skeptical about whether the city is pursuing an appropriate plan for the park, which sits in a residential neighborhood. Michelle Niemeyer, an attorney and former commission candidate representing three neighborhood families, said there are reasonable alternatives to the city’s plan that could still be considered.

“My client’s goal is to have a cleanup that’s adequate to protect the safety of their families and their property values, and the steps that the city is taking are a great move in the right direction,” said Niemeyer. “We’re hopeful we’ll be able to fully resolve the situation without a lawsuit.”

 

Source: Miami Herald

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