Breaking will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Two multi-building flex industrial/office/showroom portfolios, each totaling approximately 230,000 sf and ripe for condo conversion, are up for sale by separate owners. Washington, DC-based Carlyle Group is selling its Palmetto Lakes portfolio, and a local investor has the Deerwood portfolio on the block. Paul Cohen, director of the locally based CB Richard Ellis private client group, is marketing both assets.

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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.