MIAMI—Miami Lakes Research & Industrial Park, an eight-building R&D manufacturing campus located at 14400–14560 NW 60th Avenue, is returning to its origina owner. The project’s developer just bought the industrial asset back for $14.3 million.
The Graham Companies bought the 290,529-square-foot campus from MCP EWE LLC—a joint venture between The Easton Group and Marcus Partners—for $49 per square foot. CBRE represented the seller.
“The Graham Companies developed this property in the 1970s and is also the master developer of Miami Lakes,” Miguel Alcivar, an associate in CBRE’s Private Capital Group, tells GlobeSt.com. “This was an opportunity to make an investment in a property they were familiar with that had a life sciences tenant. Life sciences is an industry Graham has supported in Miami Lakes and as a result there’s a cluster of life sciences companies there.”
Miami Lakes Research & Industrial Park is 45.1% occupied by HeartWare, Inc., a publicly traded bio-medical device company. Another 130,952 square feet in four buildings is currently vacant.
“HeartWare provides a strong cash flow and there is strong demand for industrial space throughout Miami-Dade," Alcivar says. "Within the submarket of Miami Lakes the vacancy rate is sub-10%. One of the possible strategies for Graham down the road would be to sell off the vacancy to an owner-user and either hold on to the triple net tenant that is HeartWare or spin that off as well.”
Alcivar was joined by CBRE 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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