REAL ESTATE NEWS

Commercial Property Group, Inc. leading "industrial revolution" in western Miami-Dade

BY ART JACOBSON

Most people who live in the established residential areas of Miami-Dade County may not be aware of it, but an "industrial revolution" has been quietly taking place in South Florida for several decades.


The Flightway Business Parks on NW 82 Ave, in West Miami-Dade's International Trade area, adjacent to Miami International Airport, are a prime example of the quality business parks which are planned, built, developed, and managed by Commercial Property Group, Inc.

The region's transition from an economy based primarily on tourism to one in which industry has become increasingly important can be traced to several factors.

Among them are the area's phenomenal growth, the general trend in business toward "globalization", coupled with South Florida's strategic location at the "Gateway to the Americas", and the emergence of Greater Miami as one of the leading international trade and commerce centers in the hemisphere.

The Merritt family foresaw this trend as early as 1971, when Ralph Merritt, Sr. founded Ralph Merritt Development Corporation. This general contracting and development company has built over $100,000,000 in commercial properties including office buildings, shopping centers, warehouses, distribution facilities, cold storage facilities, food processing plants, factories, and other kinds of commercial structures.

In 1991, Ralph Merritt, Jr. added a new dimension by establishing Commercial Property Group, Inc., a company which develops commercial properties and manages them for partnerships and individual investors.

Currently, Commercial Property Group manages properties valued at over $90,000,000, primarily in the West Miami-Dade corridor, west of Miami International Airport from State Road 836 to NW 36 St.
"We provide investors who wish to take advantage of the industrial growth of South Florida with a comprehensive service," said Merritt. "Not only do we assist in site selection and product design, but we also oversee construction and development, handle the marketing, leasing and management of the property."

A prime example of properties designed and managed by the company are the Flightway Business Parks on NW 82 Ave, in West Miami-Dade's International Trade area, adjacent to Miami International Airport. The first three phases of this multi-tenant, mixed-use industrial park, valued at an estimated $10,800,000, consist of approximately 262,000 square feet. They contain warehouse units ranging from 3,600 to 36,000 square feet.

Phase IV of the highly successful project consists of approximately 102,000 square feet. It offers office-warehouse-showroom units ranging from approximately 4,500 to 10,120 square feet each. Each warehouse unit has dock level floors, an average clear ceiling height of 20', a minimum of two truck positions, roll-up doors, fire sprinklers, glass storefront and entrance doors, plus three phase electrical service.

The park's fifth phase, consisting of approximately 150,000 square feet of industrial space, is now in the design stage.

Other prominent industrial properties developed and managed by Commercial Property Group, Inc. include the OutWest Business Park, the Courtyards Office Building, and the Tree Garden Business Park.

The OutWest Business Park, located on NW 108 Ave at NW 29 St, contains 36 unique deluxe warehouse business units. The majority of these 2,000 sq. ft. units have a 325 sq. ft. air conditioned office, an average clear ceiling height of 16' to 18', street level floors, 12' x 12' overhead doors, glass storefront entrance doors, plus 100 amp, single phase electrical service. All units are available for sale or lease.

The Courtyards Office Building is a 56,110 sq. ft., garden-style office complex at 8181 NW 36 St, valued at an estimated $5,800,000, and is owned by investors in Florida and New Jersey.

The Tree Garden Business Park, on NW 79 Ave at NW 40 St, has eleven separate warehouse - office - showroom units, ranging from 6,050 to 9,100 square feet each. Each unit has 1,000 sq. ft. of air conditioned office space, an average clear ceiling height of 21' 5" to 22', rear dock level loading, a 20' x 25' recessed truck well, 20' x 14' roll up overhead doors, glass storefront and entrance doors, 200 amp three phase electrical service, plus fire sprinklers and extinguishers.

According to Merritt, the design of business parks is vitally important.

"Not only do we study the areas where they will be developed, but we also research the special requirements of potential tenants," he explained. "Our many years of experience in this field give us the ability to plan each park so that it will appeal to both new businesses and those undergoing expansions. We also play close attention to the appearance of the park, make sure it is properly landscaped and well-maintained."

These elements, plus responsive and attentive service for the tenants have given industrial parks managed by Commercial Property Group unusually high occupancy rates with low turnover.
Merritt said, "We provide hands-on, personal service for both tenants and investors. That has helped us to develop strong, long-term relationships with both, which we consider our most important asset and a major contributing factor in our growth."

Although he anticipates the demand for well-planned and managed industrial parks will continue to grow in West Miami-Dade and that the area will continue to be the primary focus of the company's activities, Merritt is considering expanding into Broward as well as the Tampa and Jacksonville areas in the future.

Ralph Merritt, Jr. grew up in South Florida and attended North Miami Beach Senior High School, Miami-Dade Community College.