Azora Acquires Greyhound-Leased IOS Facility For $12.8 Million

Cushman & Wakefield arranged the sale of the Greyhound Maintenance Center facility located at 3486 NW 25^th St. in Miami’s Palmer Lake neighborhood.

Miguel Alcivar, Wayne Ramoski, Dominic Montazemi, Scott O’Donnell, Mike Ciadella, and Greg Miller of Cushman & Wakefield arranged the sale on behalf of the seller, Twenty Lake Holdings. The facility was by purchased by Azora Exan (a direct investment arm created from the merger of Azora and Exan Capital in 2021) through one of its separate accounts, represented by Arturo Vinueza, Vice President of Investments, and Ignacio Gil-Casares, Managing-Partner.

“The offering represents a generational, ‘covered land’ opportunity to acquire a stabilized, cash flowing property with entrenched tenancy that is both ideally suited for industrial uses today and exceptionally positioned for a myriad of potential future higher density redevelopment strategies as the surrounding area continues to evolve,” said Alcivar, Managing Director at Cushman & Wakefield.

Greyhound Maintenance Center totals 20,599 square feet and was originally developed in 2016 as a built-to-suit for Greyhound Lines, Inc., who currently leases the space. The cutting-edge maintenance facility sits on a 2.62-acre site strategically located just east of Miami’s Greyhound bus station at the Miami Intermodal Center (MIC), a multi-modal transportation hub linking local and regional transportation networks to the city. All inbound Greyhound buses pass through the facility for a variety of services including inspection, overnight bus parking and driver lodging, and preparation for future outbound trips.

The facility also has high density, mixed-use zoning and sits within the 220-acre Palmer Lake Metropolitan Urban Center (PLMUC) zoning district, a dense, transit-oriented neighborhood that is experiencing a wave of industrial, hospitality, and residential development.

“In acquiring this facility, we’re further cementing our commitment to strategically investing in premium industrial assets within thriving urban landscapes across the United States. With this site, we see plenty of potential for success down the road, given the ongoing growth and development around the airport,” explained Vinueza, Vice President of Investments at Azora Exan.