Foreign Capital Still Wants Industrial
A recent example of continued Latin American interest in local industrial assets is the sale of the 26k SF 4380 NW 135th St in Opa-Locka, which a medical group from Guyana bought. The warehouse is the former home of American Medical Depot, a distributor of medical and surgical supplies. (Your one-stop shop for all things forceps.) Facilities between 25k SF and 50k SF are hard to come by, so they attract strong interest, especially among foreign investors, Real Miami Commercial Real Estate principal Danny Zelonker, who repped the seller, tells us. Foreigners often have an ace in hole when it comes to bidding, too: cash.
Will foreign investors continue to come to South Florida for its prime industrial real estate? They will, according to the Akerman Real Estate Industry Outlook Survey, which was released this week by national law firm Akerman. Multifamily will be the most active market for foreign investment, but other property types will continue to attract foreign capital. In the hospitality and industrial sectors, much of that investment will come from Latin America--which means that a lot of it will end up in South Florida.
