Construction kicked off on two of the last remaining lots on an 80-acre compound in a vast Doral industrial park. The Transal Park site will eventually be the new 70,000-square-foot corporate headquarters of Overcom Trade Inc., an import-export company.
Nearby, park owner Prudential Real Estate Investors broke ground on Transal Logistics Center, two buildings totaling 218,000 square feet, according to the Daily Business Review.
“Primarily we’re running out of land in the Airport West submarket,” Stephen DiGiacomo, president of Doral-based DiGiacomo Group, said. “After the financial meltdown, all the money moved to the REITs, who are now all trying to buy here. If you’re were to look at the west airport market right now for anything 1 to 2 acres, you’ll be hard-pressed until you get west of the turnpike — and even there, the land is drying up. If you find anything where you could even remotely build a spec building and lease it multi-tenant, those deals are worked pretty hard.”
Overcom paid $4.4 million, or approximately $18 per square foot, for the 5.7 acres of land. [DBR] – Christopher Cameron