PL Developments Sale-leaseback (Miami, FL)

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee simple interest in the PL Developments Sale-Leaseback (the “Offering”), comprised of the company’s pharmaceutical manufacturing facility at 10400 NW 29th Terrace, Miami, FL (the “Property” or “Asset”).

The Property is 62,000 SF of specialized pharmaceutical manufacturing, lab and office space - all of which supports the tenant’s critical operations. PL Developments LLC (“PLD” or the “Tenant”) is a premier developer, manufacturer, packager and distributor of over-the-counter (“OTC”) and prescription pharmaceutical drugs and consumer healthcare products. Representative products include generic and private label cold and flu medications, allergy medications, nicotine replacement therapy drugs, and many more.

The Asset is in Miami’s top industrial submarket of Airport West, the largest submarket in South Florida with over 44 MSF of industrial space featuring many of the world’s top industrial owners and operators alike. The location is highly desirable given its proximity to Miami’s major thoroughfares as well as being less than 10 minutes from the Miami International Cargo entrance of the airport.

At close of this transaction, the Tenant will commit to a long-term 15-year sale-leaseback with annual base rent increases. The Offering provides investors the exceptional opportunity to acquire a mission-critical manufacturing asset supported by a long-term lease, attractive annual base rent increases and zero landlord responsibilities in the heart of Miami’s premier industrial sub-market.