14427 Northwest 60th Avenue, Miami Lakes, FL, 33014, US

14427 NW 60th Ave

Description

Jones Lang LaSalle has been exclusively retained to market for sale 14427 NW 60th Ave– an inﬁll, industrial manufacturing facility totaling 106K SF on 7.3 acres in Miami Lakes, FL within the Northwest Dade submarket of the Miami MSA.

The Property serves as the headquarters for National Molding, a global, private equity backed manufacturer of precision engineered plastic components. The tenant has 3.3 years of WALT and is currently paying $9.63 per square foot modiﬁed gross in rent with 2.5% annual escalations.

This opportunity presents immense near-term value-add potential through two immediately actionable business plans: A new owner can unlock signiﬁcant near-term value through a 94% MTM opportunity upon the tenant’s expiration in December 2028 and leverage the exceptional leasing fundamentals in one of the nation’s highest barriers to entry markets. Alternatively, value can be captured through redevelopment of the 7.3-acre site to maximize its highest and best use and capture the signiﬁcant rent premium associated with newer buildings in the submarket.

The Property beneﬁts from a strategic location offering immediate access to multiple of Florida’s key transportation arteries and intersections including I-95, Florida’s Turnpike, and Palmetto Expressway (10 minutes from the only I-95–FL’s Turnpike–Palmetto Expy intersection in the state). Its position in the heart of the Miami MSA provides access to 6.2 million people within 90 minutes and sits less than 30 minutes from all critical Miami logistics infrastructure including two of the state’s primary economic drivers Miami International Airport (10th busiest airport in the U.S.) and the Port of Miami (10th busiest seaport in the U.S.) which generate over $179B in economic impact.

14427 NW 60th Ave offers investors the rare opportunity to break into one of the highest barriers to entry and most sought-after markets in the nation at an incredible basis below replacement cost and recent transactions with limited downside risk due to the property’s versatility and multiple pathways to value creation—whether through immediate lease optimization or redevelopment.

...

Attributes

Building area net

9,836 m²

Occupancy

100%

WALT

3.3 years

Land area gross

2.95 ha

Zoning

IU-C

Media

Investment Highlights

RARE OPPORTUNITY TO ACQUIRE A LIGHT INDUSTRIAL, MANUFACTURING HQ LEASED TO A GLOBAL, PRIVATE-EQUITY BACKED MANUFACTURER

105,871 SF rear-load industrial manufacturing HQ, 100% leased to a world leader in the plastics industry with over 60 years of experience, in one of the best performing and most coveted markets in the nation – Miami, FL.
Bankable in-place NOI of $709K and 2.5% annual escalations backed by a global manufacturer with private equity funding and strong, sustainable long-term growth potential and 20+ years of tenure at the property.

COVERED LAND PLAY OFFERING PHENOMENAL VALUE PROPOSITION & ACQUISITON BASIS

Acquisition basis below recent Miami industrial land transactions of +$3M/AC.
Offered at a fraction of replacement cost ($380+ PSF) and well below recent comparable South Florida transactions ($395+ PSF).

STABLE IN-PLACE CASH FLOW WITH IMMENSE, IMMEDIATE VALUE-ADD POTENTIAL

94% MTM paired with 3.3-years WALT remaining and a FMV renewal option allows new ownership to unlock significant value quickly.
Ability to convert the existing tenant or a new tenant to a landlord-favorable NNN lease structure upon rollover.
144% 5-year NOI growth & 196% 10-year NOI growth

FUTURE UPSIDE WITH LONG-TERM VALUE-ADD POTENTIAL THROUGH REDEVELOPMENT

The 7.3-acre site is zoned IU-C-Industrial-Controlled District and can be redeveloped to capture the premium rents ($19.50+ PSF) seen in new construction buildings within the immediate area.