Retail & Commercial
Miami Industrial The Miami Industrial Portfolio is a 750,000 square foot, 12 building portfolio located along heavily trafficked 72nd Avenue in the vibrant Airport West Industrial submarket of Miami, Florida. With over 180 suites ranging in size from 1,200 sq. ft. to 45,000 sq. ft., the Miami Industrial Portfolio can accommodate businesses of almost any size. The buildings are located in close proximity to both Miami International Airport’s cargo facility and South Florida’s extensive freeway system, affording its tenants the ability to easily and cost effectively transport their goods and services to any location. Because of these outstanding attributes, this property was identified in early 2007 as a good long-term investment opportunity for Time Equities. Not only did the fine location offer stability but the inplace rental rates at the time of purchase were 33% below the rest of the market providing substantial upside opportunity through professional management and leasing. For the first year after purchase, Time Equities’ business plan was implemented to perfection with rents increasing by the anticipated 33% upon tenant lease roll-over. Unfortunately, the summer of 2008 brought on the Great Recession which negatively impacted all real estate throughout the country. This p ortfolio was no exception and within a few months the property’s occupancy and rental rates had fallen to levels well below those at the time of purchase. This environment unfortunately persisted for over 4 years and with income depressed and expenses still rising, it took a strong concerted effort by Time Equities’ management team to keep the property afloat. In 2013, the market began to improve and occupancy and rental rates began to gradually rise again. Today, the property is operating at the low 90% occupancy level and rental rates are the highest they have ever been. The Miami Industrial Portfolio has shown to be an outstanding investment during normal economic conditions and Time Equities is pleased to own such a fine asset in a prime location.