X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.