Two Flex/Industrial Portfolios Go Up for Sale

The Palmetto Lakes portfolio consists of Palmetto Lakes Showroom at 4700-4882 NW 167th St., which contains four side-by-side single-story buildings with frontage on Palmetto Expressway and aggregating about 128,000 sf; and Palmetto Lakes Business Center, which consists of three industrial flex buildings at 4702 NW 165th St. and 16305 NW 48th Ave., aggregating about 100,000 sf.

The portfolio is about 80% leased, according to Cohen. "The showroom and business center could be sold separately," he says and tells GlobeSt.com the asking prices are $13 million for the showroom facility and $8.5 million for the business center. The business center buildings were completed in 1979 and 1980 and have 18-foot clear ceilings and direct frontage on "Dollar Alley." The showroom buildings were built in 1978 and have 16-foot clear ceilings heights and rear loading docks.

The Deerwood portfolio also has two components, Deerwood Business Park, which aggregates 140,817 sf in three buildings on nearly nine acres, and Deerwood Commerce Center in two buildings aggregating about 90,060 sf on almost six acres. All are located between 11921 and 14377 NW 119th Ave. and will be sold as a single portfolio. "The portfolio is unpriced," Cohen says. The buildings, which include office/service and flex distribution facilities, were completed between 1984 and 2002, and the portfolio is 97% leased.

"Both portfolios are ideal for conversion to condominium," Cohen says. "With flex and office condominiums selling the range between $130 per sf and $200 per sf, they represent an excellent buy. Miami is a small-tenant market with the average tenant taking less than 10,000 sf." Such tenants "are ready to buy before interest rates go up," he suggests.