Douglas Mandel, Adam Klein Negotiates Sale Of Miami Industrial Asset

Feb 18, 2019 No Comments by

Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Marcus & Millichap Associate Adam Klein, represented the Seller, Weisberg Family Investments, LLLP, in the sale of Palmetto Lakes Industrial, an ±82,800-square-foot, two-building small bay warehouse situated on 4 acres located just steps away from the Palmetto Expressway at 5261 NW 161st Street in Miami Gardens.

Adam Klein

Klein

Douglas Mandel

Mandel

TA Realty, LLC purchased the property for $9,600,000. The deal closed February 7.

 

“The seller was the original developer and owned the asset for over 30 years, while the buyer was looking to grow their industrial portfolio, making this sale a perfect match,” commented Klein.  “With rental rates below the broader Miami-Dade market average and the quality of the property, investors saw an opportunity to both push rents over time and expand their footprint in the up-and-coming Palmetto Lakes Industrial Park.”

The 1985-built asset, which was 100% occupied at the time of the sale, features 30 bays and 111 parking spaces, along with convenient access to interstates 75 and 95.

Mandel + Partners experienced an extremely active 2018, closing more than $270 million.  So far this year, Mandel + Partners closed transactions in excess of $100 million.

 

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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex
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