Marcus & Millichap Negotiates Miami Industrial Sale

Condor Real Estate Group sold Palmetto Lakes, a multi-tenant industrial/flex center in Hialeah, for $5.3 million.
Palmetto Lakes Industrial Center

Palmetto Lakes Industrial Center, Hialeah, Fla.

Miami—Marcus & Millichap recently arranged the sale of Palmetto Lakes Industrial Center, a two-building, 67,562-square-foot industrial/flex center located in Hialeah, Fla. The property traded for $5.3 million.

Marcus & Millichap’s Douglas Mandel and Benjamin Silver represented the seller, Condor Real Estate Group Inc. The buyer, Warehouse 5007 LLC, was represented by Felipe Serrano of New Miami Realty Corp.

Palmetto Lakes Industrial Center, which was built between 1976 and 1977, is a multi-tenant industrial/flex property situated on 3.17 acres within the Palmetto Lakes Industrial Park at 16540 NW 49th Ave. Building I totals 32,021 square feet and Building II 35,541 square feet. The property was 100 percent 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 convenient access to the Palmetto Expressway.

“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,” said Benjamin Silver in prepared remarks.

Photo courtesy of Marcus & Millichap