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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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Land Of Development Opportunity: Builders Bet On South Miami-Dade

Miami real estate development duo Jose Hevia and Stephen Blumenthal are not afraid of taking risks, let alone catching heat.

While developers’ proposals often anger residents who are fearful of traffic congestion and the loss of green space, Hevia and Blumenthal’s plan is so controversial, it’s on a scale that Miami-Dade County has not seen for almost a decade. The partners envision an up to 9.2 million-square-foot industrial complex outside the Urban Development Boundary, an invisible line that restricts the sprawl of development as a way to preserve farms and wetlands surrounding the built-out part of Miami-Dade.

The greenbelt is vital to protecting the county from flooding, as well as for preservation and restoration of the Everglades, environmentalists say. They argue this is especially applicable to the land where Hevia and Blumenthal want to build their South Dade Logistics & Technology District.
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