Fully Occupied 133,914-SF Industrial Building in Miami Trades Hands in $25.5M Sale Facilitated by CBRE

CBRE has arranged the sale of a 133,914-sq.-ft. single-tenant industrial warehouse located in the highly sought after North Central Dade submarket in Miami, Florida. The property traded for $25.5 million.

CBRE National Partners’ José Lobón, Trey Barry, Frank Fallon, and Royce Rose represented the seller, New York-based Lightstone in partnership with Mavik Capital, in the transaction.

Originally built in 1985, Palmetto Lakes Industrial sits on five acres at 15801 NW 49th Avenue in Miami Gardens. The two-story property features 14 dock doors, two drive-in doors, approximately 19,343 sq. ft. of office space, 194 car parking spaces, and a new roof with a 20-year warranty. It is fully occupied by GRM Document Management, a major data management service.

The property offers nearby access to three major highways: Palmetto Expressway (State Road 826), the Gratigny Expressway (State Road 924), and Interstate 75.

Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 209 existing properties, Lightstone’s over $9 billion portfolio currently includes over 13 million square feet of industrial, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.

Mavik Capital, which is run by Vik Uppal and has roughly $1 billion in assets under management, is a multi-strategy, credit-focused investment firm with a focus on U.S. commercial real estate credit and special situations investments. Mavik pursues a flexible investment strategy across markets and securities that seeks to create solutions for borrowers with attractive real estate assets.