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Average Sale Prices Of Local Industrial Spaces Have Dropped, But Experts Aren’t Worried

Warehouses in South Florida sold for less this year than in 2018, according to a recent study. But the price per square foot in Miami-Dade was up, indicating a healthy market, say experts.

The average sale price for industrial spaces in Miami-Dade, Broward and Palm Beach dipped from $1.9 million in 2018 to $1.6 million in 2019, according to Reonomy. The commercial real estate data company studied nine metro areas from 2014 to 2019 in its “State of the Industrial Real Estate Market: MSAs on the Rise” study published in November.

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South Florida’s Industrial Sales Jump To Over $1B In Q3 2019

South Florida’s condo market has slowed down and the housing market is not what it once was, but the industrial sector is as hot as ever.

Investment in South Florida’s industrial real estate market rose 77 percent to $1 billion in the third quarter of 2019 on a yearly basis. The market is booming right now due to an influx of institutional buyers acquiring new properties and land, according to an analysis of Real Capital Analytics data by Avison Young.

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Centergate at Gratigny Sells, Marking Florida’s Largest Industrial Sale Of The Year

CBRE has arranged the sale of Centergate at Gratigny in Hialeah.

The 3-building property, located at 5801 and 6301 East 10th Avenue, was sold on behalf of PRII CENTERGATE 1 LLC and PRII CENTERGATE 2 LLC, subsidiaries of Prudential Real Estate Investors, which acquired the property in 2015. The seller was exclusively represented by the CBRE Capital Markets team of Vice Chairman Chris Riley, Vice Chairman Christian Lee, and Executive Vice President José Lobón.

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