Old Providence of Florida Beacon North Condo 8475 NW 29th Street in doral

Beacon North Industrial Condo is a premier industrial development located in the vibrant city of Doral, Florida. Situated in one of Miami-Dade County's most sought-after commercial hubs, this property offers exceptional amenities and a prime location for businesses looking to thrive in South Florida's dynamic market.

Key features of Beacon North Industrial Condo include:

• Prime Location: Strategically located in Doral, one of the fastest-growing cities in Florida and a major center for commerce and trade. Its proximity to Miami International Airport, major highways (such as the Florida Turnpike and Palmetto Expressway), and PortMiami makes it an ideal location for logistics, distribution, and import/export businesses.
• Modern Design: The industrial condos at Beacon North feature contemporary architecture and modern design elements. With high ceilings, ample natural light, and flexible floor plans, these spaces are designed to accommodate a variety of business needs, from warehouse and distribution to light manufacturing and showroom facilities.
• State-of-the-Art Facilities: Beacon North Industrial Condo offers state-of-the-art facilities and amenities to meet the demands of today's businesses. This includes loading docks, grade-level overhead doors, heavy-duty floor slabs, and ample parking for employees and visitors.
• Business-Friendly Environment: Doral is known for its pro-business environment, with a strong economy, favorable tax incentives, and a skilled workforce. Beacon North Industrial Condo provides businesses with the infrastructure and support they need to succeed in this thriving community.
• Accessibility: The property offers easy access to major transportation routes, allowing businesses to efficiently reach customers and suppliers throughout the region and beyond. Its central location within Doral provides convenient access to a wide range of amenities, including restaurants, hotels, shopping centers, and recreational facilities.

Overall, Beacon North Industrial Condo offers an unparalleled opportunity for businesses to establish or expand their presence in Doral, Florida. With its prime location, modern design, and business-friendly environment, it represents an ideal investment for companies looking to thrive in the heart of South Florida's commercial landscape.

Your property located at Beacon North Industrial Condo offers an excellent opportunity for businesses seeking a spacious and well-equipped facility in a prime location. With its generous square footage, ample ceiling height, loading docks, and access to essential utilities, it provides the ideal foundation for a wide range of industrial and commercial operations within the vibrant complex.

Built-in 1994, this industrial warehouse situated within the Beacon North Condo complex offers approximately 7,200 square feet of versatile space ideal for various commercial and industrial uses. With a ceiling height of 18.6 feet and a building height of 23 feet, this property provides ample vertical clearance, allowing for efficient storage, manufacturing, or distribution operations.

Key features of this warehouse include:

• Size and Layout: The 7,200 square feet of space within the warehouse provides plenty of room for storage, production, or assembly activities. The layout can be customized to suit the specific needs of tenants, whether for open-plan storage or partitioned work areas. Solid concrete constructions with t-beam ceilings.
• Ceiling Height: With an impressive ceiling height of 18.6 feet, the warehouse offers ample vertical space, allowing for the stacking of goods or installation of mezzanine levels to maximize floor space utilization.
• Building Height: The overall building height of 23 feet provides additional clearance for equipment, machinery, and storage racks, enhancing the versatility and functionality of the space.
• Power Supply: The warehouse is equipped with single-phase power, suitable for powering a variety of industrial machinery, equipment, and lighting fixtures.
• Loading Docks: Front loading docks facilitate convenient loading and unloading operations, streamlining logistics and improving efficiency for businesses engaged in shipping and receiving activities.
• Beacon North Condo: Situated within the Beacon North Condo complex, this warehouse is part of a well-established industrial community spanning 3.72 acres and featuring a total of 72,000 square feet of developed industrial condo warehouses. Tenants benefit from shared amenities, professional property management, and a supportive business environment.

NOTE ON CONDO INFORMATION: Need all condo documents from the seller, including but not limited to bylaws, rules and regulations, articles, current budget, management contact, and estoppel information.

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In the bustling commercial landscape of Doral, Florida, where industrial spaces are in high demand, the sales comparables present a diverse range of pricing metrics reflective of the area's dynamic market conditions.

At the lower end of the spectrum, we observe sales transactions hovering around $244 per square foot. These properties likely cater to specific market segments seeking more affordable options or may possess certain limitations affecting their value proposition. Nevertheless, they contribute to the breadth of offerings within the market.

On the other end of the spectrum, we encounter outliers reaching as high as $565 per square foot. Notably, the pinnacle of this range often stems from exceptional properties with unique attributes or specialized usage, such as the Collection Suites, which command a premium due to their distinct features and upscale amenities.

Amidst this spectrum lies the median price point, a reliable indicator of the market's central tendency. In Doral, the median price for a quality smaller warehouse stands at $337 per square foot. This figure encapsulates the pricing equilibrium, representing a balance between value and desirability within the local industrial real estate landscape.

Further contextualizing the market, we find that the average price per square foot settles at $320. This metric offers insight into the broader market trend, showcasing the prevailing price levels across a spectrum of properties, from modest warehouses to premium industrial complexes.

In summary, the sales comparables in Doral illustrate a nuanced pricing landscape characterized by diversity, ranging from modest offerings to premium properties. Understanding the range from $244 to $565 per square foot provides valuable context, with the median and average prices serving as reliable benchmarks for evaluating property values in this thriving commercial hub.

Based on comparable sales data and capitalization rate data, the rounded value range is between $2,400,000.00 to $2,600,000.00. I recommend a list price at $2,650,000.00.

NOTE: I visited the property at 3 pm on Tuesday, November 10th, 2024. I was granted access to the space, except for the second-floor office space by Juan Pablo Figueroa.

2024 sales volume has abruptly come back down in line with pre-pandemic levels after a historic boom in 2021-22.

2024 sales volume has abruptly come back down in line with pre-pandemic levels after a historic boom in 2021-22. Transaction activity totals $218 million over the last 12 months, a slowdown from annual volume in 2022 totaling over $361 million, 2021 volume totaling over $482 million, and below the five-year average annual volume of $272 million. Transaction counts have also fallen, with 56 transactions occurring in 2023, down from over 130 in each of the two prior years and down from an average of over 100 transactions annually from 2017 through 2020.

The largest in 2023 involved the sale of over 115,000 SF at the Airport Lake Industrial Park in April. The property was part of a sale-leaseback trade in which Brookfield Properties bought the asset from USA Bouquet Co for $16 million SF or over $138/SF. The tenant, USA Bouquet Co, signed a lease for an additional two years at $12/SF. The building includes 75,0000 SF of cold storage space.

The second largest sale involved the purchase of a warehouse located at 9200 NW 58th St for over $14 million or $314/SF. Penske Automotive Group acquired the property to utilize it as a new truck rental location.

However, pricing gains have slowed from peak pricing growth seen in the last two years averaging around 30%.

Going forward, tight financial conditions will continue to result in slower transaction activity relative to the boom in 2021 and 2022. Additionally, pricing growth will remain muted as softening fundamentals and higher cap rates continue to impact property values.

About Doral

Doral was incorporated on January 28, 2003, in one of thirty-four municipalities in Miami-Dade County, Florida. Conveniently located just one mile from Miami International Airport and twelve miles from Downtown Miami, our City is home to approximately 81,182 residents and regularly hosts over 100,000 people who work within the City. The City of Doral occupies a land area of 15 square miles bordered on the west by the Ronald Reagan Turnpike, to the north by the Town of Medley, to the east by the Palmetto Expressway, and to the South by the City of Sweetwater.

The City of Doral has operated under the Mayor-Council-Manager form of government since incorporation. Policymaking and legislative authority are vested in a governing council consisting of the mayor and four other council members. The Council, which is elected at large, is responsible among other things, for passing ordinances and resolutions, adopting the annual budget, appointing the City Manager, City Clerk and City Attorney. The City Manager is responsible for carrying out the policies and ordinances of the Council, for overseeing the daily operations of the government, and for appointing the heads of various departments.

The City of Doral offers a wide range of services through its departments including the Office of the City Manager, Office of the City Clerk, Finance Department, Community Development Department, Public Works Department, Parks and Recreation Department, and Police Department. Described as the premier City to live, work, learn, and play, our many assets provide a superior quality of life in an urban center known for its commerce.

Recognition

• Doral has ranked as the #3 best small city for small businesses in the US by Go.Verizon. Article
• The City of Doral is the winner of the 2021 FutureEdge 50 award along with top industry leaders such as IBM, Zoom, and Intel. Article
• Certified by World Council on City Data as a Platinum-level “Smart City”
• Doral comes in at #22 in Money Magazine’s list of top 50 cities to live in. Article
• Named a 2019 All-America City finalist by the National Civic League.
• Named the fastest-growing city in Florida and 11th in the country in 2017 based on US Census Bureau data.
• Recognized as a Real Estate Achiever and Leader by the Greater Miami Chamber of Commerce as recipient of the R.E.A.L Award.
• Best City in Florida for Business Start-ups by BusinessWeek.
• Named #2 of America's Top 25 Towns to live well for its cultural amenities, pro-business environments, and highly educated workforce by Forbes.com.
• Awarded Playful City USA 2010-2019.
• Awarded Tree City USA 2008-2022 (15 years).
• Recognized for Performance Management Success by ICMA Center for Performance Measures.
• City of Doral Ranks 51st in Top 100 Places to Live and Launch a Business in the United States by CNNMoney.com.
• Named the 3rd Best Place in the USA to Retire by US News & World Report.
• 96.4% of residents would recommend Doral as a place to live and work and 95.6% rated the quality of life as good/excellent.
• Winner of American Heart Association (AHA) 2023 Workforce Well-Being Award.

Doral Facts

• The City has established noteworthy accomplishments in its five years of incorporation and 15 square miles.
• World-class parks and cultural activities
• Doral Trump Golf Resort and Spa is home to the famous Blue Monster
• Over 50 Financial Institutions
• Over ten Colleges, Universities, and Technical Schools. Over 10 artistic-expression schools and multiple public, charter, and private schools all have a grade “A” status
• One of the first Building Departments in the region to conduct electronic plan reviews. Pioneered Early Start Permitting Program and Fire/DERM concurrent plan reviews
• A board game, “DORALOPOLY,” was created by the S.E. FL Lions Club celebrating the City’s entrepreneurial spirit
• Home to 14 of Miami-Dade County’s over 30 business parks
• 30 Chambers and Business organizations in Doral