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Rising Rents: Miami’s Industrial Market Leads Nation With Highest Annual Rate Hike: Report

Miami’s industrial market, which includes all of Miami-Dade County, is the nation’s top performer for annual rent growth, according to a JLL report.

Year-over-year, the Miami industrial market experienced a 53 percent jump in rent, more than Los Angeles, which had the second highest rent hike at 45 percent, and New York/New Jersey, which had the fourth highest rent growth at 26 percent, the report shows. Industrial markets close to ports like Miami, New York and Los Angeles remain attractive for investors looking to secure long-term income growth, despite recent interest rate hikes, JLL found.

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Doubling Up: Ares Pays $62M For Two Hialeah Industrial Buildings Under Construction

Ares Management made a $62 million double play in South Florida’s industrial market, picking up a pair of Hialeah warehouses under construction.

An affiliate of the Los Angeles-based global alternative investment manager paid $37 million for a 9.6-acre site at 410 West 104th Street, and $25 million for an adjacent 10.2-acre parcel, according to records. The seller, an affiliate of Florida East Coast Industries, or FECI, recently began building two warehouses consisting of 214,907-square-feet, each, on the two lots. The property is within the master-planned 95-acre Countyline Corporate Park.
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Insatiable Demand And Tightening Supply Pump Up South Florida Industrial Rents

South Florida industrial landlords experienced more bountiful returns on their investments during the first quarter, according to a recently released report.

In Miami-Dade, demand consistently outpaced supply, even as industrial developers added about 11 million square feet of new warehouse space in the past three years, the JLL report found. During the same time period, Miami-Dade’s industrial sector absorbed 15.3 million square feet.

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