ComReal Assists Investor in Leasing Industrial Building in Miami to Company from New York
The Miami Industrial Team at ComReal announces the completion of a long-term lease for the +/- 47,500 Sq.Ft. building at 3360 NW 110thST Miami, FL 33167. Only six months after being sold and gone through renovations. The building will be occupied by HardTen Clothing Inc., a clothing company relocating its headquarters from New York. This brings the building to 100% occupancy.
The current owner bought the building in August 2017; vacant and with a lot of deferred improvements needed. Since then, the building underwent a complete renovation, including new roof, renovated offices and added loading doors. The building is one of the few freestanding buildings over 40,000 Sq.Ft. with rail access in Miami. Additionally, located inside Seaboard Industrial Park, the building provided companies great access to highways and labor pool. The area is home for companies such as Packaging Corporation of America, Winn Dixie, Performance Foods and the new Amazon warehouse.
The ComReal team positioned the building to attract tenants and buyers looking for efficient space at an attractive price. In the Miami Industrial market, all of the new developments are Class A, with high lease rates and none for sale. Leaving companies looking for second generation space to lease or purchase with less options. This building served those users.
“We had tremendous activity on this building with multiple offers; the great condition and location of the building made it a very attractive asset. Coincidentally, after the new Tax law passed, we saw an increase in interest from companies from States such as New York and California. In the end, a New York company leased it” Commented Edison Vasquez
You can view the video of the building with the completed renovations by going to ComReal's YouTube Channel
Companies moving to the Florida is a trend expected to continue as they leave high-tax states for states with low or no State Income Tax. Florida is a no State Income Tax state.
ComReal represented the landlord, Calico 2017, in the leasing of the building.
The tenant was represented by NAI Weitz, Jeiss Realty and Easton & Associates.
For more information on the transaction and for other properties available, contact the Miami Industrial Team at 786-433-2380.