Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Marcus & Millichap Vice President Investments and IPA director Benjamin H. Silver exclusively represented the Seller in the sale of Palmetto Lakes Industrial Center, a 67,562-square-foot, two-building industrial/flex center located at 16540 NW 49th Ave. in Hialeah, near the “big bend” of the Palmetto Expressway in Miami-Dade County.
Mandel and Silver jointly represented the Seller, Condor Real Estate Group, Inc., in the transaction. Warehouse 5007, LLC, which was represented by Felipe Serrano of New Miami Realty Corp., purchased the property for $5,312,500. The deal closed November 16.
Palmetto Lakes Industrial Center, which was built in 1976 and 1977, is a high-performing multi-tenant industrial/flex property situated on 3.17 acres within the Palmetto Lakes Industrial Park. The property was 100% occupied at the time of the sale and has maintained historically high occupancy with many of the tenants in place for over 10 years.
The buildings offer high visibility, with excellent access to the Palmetto Expressway and within one of Miami’s best industrial submarkets. Building I totals 32,021 square feet and Building II totals 35,541 square feet.
“This was a good transaction for both sides,” commented Silver. “The Buyer was able to find a high-performing industrial asset with strong cash flow in one of the best industrial markets of Miami and the Seller was looking to maximize his equity and redeploy the proceeds into a more diversified number of assets.”
Mandel + Partners is experiencing an extremely active 4th Quarter, closing more than $34 million in sales since October 1st. This deal brings Mandel+Partners’ number of closed transactions this year to 34, valued at more than $320 million.