The Real Deal Miami

Demand outstrips supply of cold storage space

In Miami-Dade's 8 million square feet of refrigerated space, occupancy is 95 percent

July 26, 2013 10:00AM

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Companies are scrambling to find cold storage space as the demand for perishable goods rises in South Florida, Daily Business Review reported.

Cold storage represents as much as 8 percent of Miami-Dade’s industrial real estate but will likely increase as more fresh food and flowers transit through the county, Sperry Van Ness LLC managing director Matthew Rotolante told the Review.

“What we see is a lot of demand from hotels and cruise ships,” Rotolante said.

Real estate firm Transwestern reports a vacancy rate of less than 5 percent for Miami-Dade’s 8 million square feet of refrigerated and freezer space, according to the newspaper.

Limited inventory and the potential for premiums drove a California investor’s $8.75 million acquisition of a three-property freezer facility in northwest Miami-Dade in May. Rotolante represented the buyer, Miami Business Park LLC, in the purchase, the paper said. [Daily Business Review]Emily Schmall

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