CBRE announced today the sale of Miami Lakes Research & Industrial Park, an eight-building R&D manufacturing campus located at 14400–14560 NW 60th Avenue.
The 290,529-square-foot campus was purchased by the original developer of the asset, The Graham Companies, for $14.3 million, or $49 per square foot. CBRE represented the seller, MCP EWE LLC (a joint venture between The Easton Group & Marcus Partners), in the transaction.
The property is 45.1% occupied by HeartWare, Inc. (NASDAQ: HTWR), a publicly traded bio-medical device company. A total of 130,952 square feet in four buildings is currently vacant.
“The Graham Companies has a keen familiarity with the market and a vested interest and ability to grow the tenant base,” said Associate Miguel Alcivar of CBRE’s Private Capital Group.
“Strong cash flow from the HeartWare lease helped offset vacancy concerns. The Graham Companies’ inherent ties to the asset and experience with life sciences companies made them the most logical buyer,” added Alcivar.
Alcivar was joined by Vice Chairman Christian Lee from CBRE’s Institutional Group and Senior Vice President Scott O’Donnell from CBRE’s Private Capital Group in representing the seller.
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