Miami-Dade Industrial Market Perking Up

MIAMI-The industrial market in Miami-Dade County is picking up, says Eric Swanson, executive vice president at Flagler based in Coral Gables. One indication of the upswing is a report in the July 21st issue of the online newsletter Real Estate Alert, that TA Associates Realty, which owns the 881,000 square foot Palmetto Distribution Center in west Miami-Dade, has a contract to sell the property to AMB Property for $67 million.  The five-building complex, which is about five miles from Miami International Airport, was built from 1992 through 1997 and has an occupancy rate of 95%.

The cap rate on the AMB deal is just under 6%, which is very attractive, says Swanson. There has been lots of interest in this property, which is about to trade at $75 per square foot, he says.