Institutional Property Advisors Brokers Miami-Dade Industrial Asset Sale
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Palmetto Lakes Industrial, a two-building, 83,000-square-foot, small-bay industrial property in the Palmetto Lakes Industrial Park in Miami Gardens.
The asset traded for $21.5 million.
“At the time of the sale, the property was 95% occupied with most tenants paying below market rent and presenting the opportunity for Midtown to significantly increase rents and overall performance of the property,” said Douglas Mandel, IPA executive managing director.
Mandel, along with Zach Levine and Joshua Gilbert of Marcus & Millichap represented the seller, TA Realty, and procured the buyer, Midtown Capital Partners.
“Since 2019, industrial rents in Miami-Dade County have grown by 75%,” continued Mandel.
The property is in the Miami Lakes Industrial submarket, close to the Palmetto Expressway and Interstate 75. Miami-Opa Locka Executive Airport is nearby and Miami International Airport, Fort Lauderdale Airport, and Port Everglades are within a short drive.
Built in 1985 on four acres, Palmetto Lakes Industrial has 31 bays and 111 parking spaces. Most of the bays are over 2,000 square feet. Larger units are 4,140 square feet or 8,280 square feet. Each unit contains approximately 200 square feet of office space, a bathroom, and air conditioning. All buildings have 18-foot clear heights. There are 34 grade-level loading doors and the largest units have two additional dock-high doors.
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