Doral, FL – The Easton Group, a Miami-based commercial real estate investment and brokerage firm, through a joint venture, sold the Miami Lakes Research & Industrial Park (top left photo) in Miami Lakes, Florida, for $14.3 million, or $49 per square foot.
The buyer is the Graham Companies, which originally developed the property. The sale included eight buildings on the 27-acre R & D manufacturing campus located at 14400-14560 NW 60th Avenue.
A year-and-a-half ago, The Easton Group, and its partner, Marcus Capital Partners Fund I of Boston, Massachusetts, purchased the asset, which was comprised of 11 buildings totaling 394,000 square feet, from the Cordis Coporation for $8.1 million dollars, or $20 per square foot.
Last year, the joint venture sold three of the buildings to Fonga, LLC for $4.6 million, and has now sold the remaining eight buildings to the Graham Companies for $14.3 million.
“This deal is a typical example of how we add value to real estate for our investors,” said Edward W. Easton (middle right photo), chairman of The Easton Group. “We made a good buy on the property, secured a long-term tenant, made improvements and positioned the property for a lot of upside on the sale.”
The campus is nearly 50 percent occupied by one tenant, HeartWare, Inc., a publicly traded bio-medical device company that has a long-term lease. Just over 130, 000 square feet of space remain vacant.
Contact:
Todd Templin
Boardroom Communications
954-370-8999
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