MIAMI-Miami’s industrial scene is attracting some new players. Denver-based DCT Industrial Trust just snapped up 14.68 acres of land from Jacksonville-based Everbank for $6.26 million.
DCT Industrial is inking the deal in two phases, with the final closing expected by year end. The operator and developer of high-quality bulk distribution and light industrial properties plans to develop industrial distribution space for lease.
CB Richard Ellis Senior Vice President David Albert and Vice President Devin White, joined by associate Ronald Marrero, negotiated purchase of the bank-owned asset on behalf of DCT Industrial. The site is located in the Doral/Airport submarket.
“This is the first major land acquisition in several years, further confirming developer and investor confidence in the Miami Airport marketplace,” says White. In February 2011, DCT Industrial recently purchased a class A 100,000-square-foot industrial property, which is also located in the Doral/Airport submarket.
“The market is quickly trending upward,” Albert says. “As vacancy diminishes, demand for quality distribution space has increased. Given where we are in the real estate cycle, together with the shortage of quality distribution space, DCT believes this to be the opportune time to bring Class A product to the market.”
Overall industrial vacancy rates for Miami-Dade, Broward and Palm Beach counties remain below the national average. So say first quarter statistics from Cushman & Wakefield. The overall vacancy rate for the U.S. industrial market declined to 10.2% at the end of the first quarter. Vacancy in Miami-Dade declined to 7.5%, down from 8.9% a year ago. The first quarter vacancy rate in Broward was 9.3%, down from 10.2% at this time last year. In Palm Beach, the overall vacancy rate settled at 9.1%, down from 9.4% a year ago.
No new industrial space was added to the market in Miami-Dade or Broward. Only 15,000 square feet of new industrial space was added to the Palm Beach market.
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