Condor Real Estate Group have closed on the sale of the Palmetto Lakes Industrial Center in a $5.3 million transaction. The asset is located in Hialeah, Florida, near the “big bend” of the Palmetto Expressway in Miami-Dade County. The 67,562 sqf, two-building industrial/flex center, changed hands for just over $78 per sqf. Built between 1976 and 1977, the facility sits on a 3.17 acre site and was 100 percent occupied at the time of the sale. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller. The identity of the buyer was not disclosed.
“This was a good transaction for both sides,” commented Benjamin Silver, Marcus & Millichap Vice President Investments and IPA director. “The buyer was able to find a high-performing industrial asset with strong cash flow in one of the best industrial markets of Miami and the seller was looking to maximize his equity and redeploy the proceeds into a more diversified number of assets.”
