Duke Realty just paid $34.4 to Florida East Coast Industries to buy another warehouse at one of Miami-Dade County’s largest industrial parks.
Industrial properties in South Florida were in hot demand in 2018, with the top five industrial sales totaling $478 million, outperforming last year’s $401.5 million.
Avison Young Research for The Miami-Dade County industrial market for the third quarter was no surprise in reporting high absorption and low vacancy. But a closer look at it turned up Hialeah Gardens as part of the next push outward.
It’s a submarket approximately 10 miles north of Miami International Airport. Duke Realty purchased three newly constructed industrial buildings last year and, to date, has leased approximately 530,000 square feet to distribution-related businesses.