South Florida Business Journal by Oscar Pedro Musibay, Reporter
The Graham Companies has bought the Miami Lakes Research & Industrial Park, an eight-building research and development manufacturing campus, for $14.3 million, or $49 per square foot.
CBRE represented the seller, MCP EWE, a joint venture between The Easton Group and Marcus Partners. The 290,529-square-foot campus is at 14400–14560 N.W. 60th Ave.
The property is currently only occupied by HeartWare (NASDAQ: HTWR), a bio-medical device company. A total of 131,000 square feet in four buildings is vacant, putting the campus at 45 percent occupancy.
Graham was the original developer of the property.
“Strong cash flow from the HeartWare lease helped offset vacancy concerns,” said associate Miguel Alcivar of CBRE’s Private Capital Group. “The Graham Companies’ inherent ties to the asset and experience with life sciences companies made them the most logical buyer.”
Alcivar was joined by Vice Chairman Christian Lee from CBRE’s Institutional Group and Senior Vice President Scott O'Donnell from CBRE's Private Capital Group in representing the seller.