Truck Parking: the Next South Florida Real Estate Boom?

We’ve written before about increasing demand for warehouse space driven by eCommerce, but one thing we haven’t covered is how that same demand is translating to increasing demand for truck parking.

A recent report by American Trucking Association estimates that there are 36 million commercial trucks on the road, and the Florida Department of Transportation is now showing signs of overflow: nearly 85% of truck drivers said it often takes more than 30 minutes to find parking. That leaves many truck stops overcrowded and overflowing.

Perhaps it’s no surprise, then, that National Truck Parking (NTP) just recently acquired a 51-acre truck and trailer parking facility at 15545 NW 122nd Ave in Northwest Miami, near the Florida Turnpike and Miami International Airport. The $8.1 M deal included 14 parcels, and the site will be dedicated to drivers with local routes in need of nightly parking.

The site has 1,300 parking spots, 24-hour manned security and a fenced perimeter with electronic gate access, according to a report by Bisnow. NTP said it is fully leased already, with tenants including a mixture of independent owner/operators and big companies like Amazon, JB Hunt and the Hub Group. Each 70’ x 11’ spot is $300/month.

Meanwhile, CenterPoint recently acquired 17.14 acres on the southwest side of Miami International Airport for similar purposes. The former owner, Flagler, was unable to construct Class A warehouses on the site due to height restrictions from the airport, so they leased it to Amazon, and then turned around and sold the land to CenterPoint, who plans to utilize the site’s parking assets.

“As high throughput and e-commerce tenants continue to expand their network, ancillary parking lots in infill markets will become a necessity in the last-mile supply chain,” said Evan Lippow, Vice President of Investments at CenterPoint, in a statement about the deal.

ComReal Doral is currently marketing for lease a 10.8-acre site in Medley. The site was acquired by Realterm Logistics in 2018.

“Between the ComReal marketing and the stability that comes from the institutional ownership, there has been strong demand from tenants seeking 3-5 acres for parking,” said Chris Spear, CCIM, of ComReal Doral. View a video of the Medley site below:

With eCommerce showing no signs of slowing, it’s only a matter of time before the commercial real estate industry meets this growing need. Will you be one of the first to rev up?

Stay tuned to the ComReal blog for the latest in South Florida Commercial Real Estate news, or contact us for any of your sales or leasing needs today.