A controversial plan to build a sprawling warehouse distribution center outside Miami-Dade County’s urban development boundary remains in play after a divided county commission first voted to reject, then defer the project on Thursday, Sept. 22.
The flip-flopping vote is the third time the request from developers to build on wetlands and farms increasingly vulnerable to flooding from hurricanes and rising tides has been postponed.
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JLL Capital Markets closed the sale-leaseback of a mission-critical cold storage facility totaling 178,428 square feet in Miami.
JLL represented the seller, Quirch Foods, in the sale. Quirch Foods occupies the facility.
Cold storage is one of a few benefactors of the dramatic shift in consumer tendencies that resulted from the pandemic, but as the ebbing effects of the virus ripple and collide with other forces, this subsector of the red-hot industrial real estate market faces growing pains.
Like many sectors, rising inflation and interest rates, labor challenges and general economic uncertainty pose a challenge for owners and operators in this specialized real estate type, but a steady stream of demand keeps the industry at least partially insulated with cash flows tied to a universal activity: eating.
