(Read more on the industrial market.)

MIAMI-Locally based investor Las Flores Holdings LLC has acquired the 120,000-sf Las Flores Business Center at 2600-2650 NW 21st Terrace for $9.76 million. The property contains industrial and showroom space.

The seller was locally based Las Flores Investments LLC, which was represented by CB Richard Ellis private client group first vice president and director Paul Cohen and senior associate Cary Cohen. Las Flores Holdings is located at 12002 Miramar Parkway and Las Flores Investments is located at 2631-A N.W. 20th St.

Cary Cohen tells GlobeSt.com that the property was being sold because the seller wanted to reposition its assets. It was approximately 90% occupied at the time of the sale. “The buyer was attracted to the property because of its current rental income, historically low vacancy and the future ability to convert the bays into retail/showroom condos,” he says.

The property is located in an area that offers access to the airport, the Port of Miami and Downtown. “The Las Flores Business Center is an excellent building in a rapidly growing section of Miami,” says Paul Cohen. “There is tremendous value in leasing the property as rental rates rapidly appreciate, and vacancy rates stay below 5% overall in Miami-Dade County. Additionally, the property can be converted to small bay condominiums which are still in high demand in niche submarkets like Allapattah.”

According to a CB Richard Ellis Q2 market report, the Miami industrial market has been experiencing very strong conditions in recent times. The overall vacancy rate for the market is 4.4% with average asking rental rates of $8.39 per sf. “Availability and vacancy rates are near all-time lows, rental rates are near all-time highs and sales prices continue to climb upwards, all factors contributing to tight market conditions,” the report states.

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