Airport Miami International Airport
Total Cargo (millions of U.S. tons) 2.28
TEU Volume - 2017 (millions) 1.08
Major Highways I-95, I-75, I-195, I-595
Number of Intermodal Rail Hubs 1
Number of Class I Rail Lines 2
What is the term of a typical lease? 3-7 years
How is the rent quoted? Gross annual
What is the tenant's option for termination or break? N/A
Does the tenant have the option to renew? What is the length of the typical option? Typically, tenant's renewal is for the same term as the initial term.
How is the rent determined at renewal? Fair market value
What is the typical rent-free period, if any? 1 month for 3 years and 2-3 months for 5 years and 7 years
What is the average rent for a warehouse greater than 50K sq. ft.? $7.50 to $10.50 per sq. ft. per year
What is the average rent for a manufacturing facility greater than 50K sq. ft.? $6.50 to $7.50 per sq. ft. per year
Is there a rent review during the lease? Yes
What are the average service charges (OPEX)? $1.75 to $2.75 per sq. ft. per year
Who is responsible for the service charges? Tenant
What are the average taxes paid on the lease? $1.00 to $2.50 per sq. ft. per year
Who is responsible for the property taxes? Tenant
Who is responsible for the utilities? Tenant
Who is responsible for the fit-out costs, if any? Landlord
What is the typical security deposit? 2-4 months of gross rent
How is car/truck parking paid? Included in rent
Any other occupancy costs? Janitorial and trash removal. Sales tax of 6.8%.
What is the terminology of the purchase agreement? Purchase & Sale Agreement
What is the average cost? $75 to $225 per sq. ft.
What is the agency fee and who pays? 3% to 6% paid by seller
What is the typical LTV? 50% to 75%
What is the average borrowing rate? 4% to 5%
What is the mode of payment? 10% or less is held in escrow, 90% is due upon closing, mostly financed. Source of funds is from 3rd parties. 30-60-day inspections and then 30 days to close and pay remainder.
What are the average transaction (closing) costs? Transfer tax of 1%-2% plus attorney and title fees; average of 6% brokerage costs and 2% closing costs.
What is the average clear ceiling height? 16' to 32'
Average number of dock doors? 1:2,500 sq. ft. to 1:5,000 sq. ft.
Typical column spacing? 40' x 40' and 40' x 54'
Average parking ratio? 1:1,000
Sprinkler system? Class IV Wet and ESFR
What is the typical power supply? 3 phase 480 volts 1500 amps