Map pinNorthwest 29th Terrace 10400, Doral, FL, 33172, US

PL Developments Sale-leaseback (Miami, FL)

PL Developments Sale-leaseback (Miami, FL)_Property for Sale


Building area gross
5,760 m²
Year built
Year renovated
Land area gross
0.57 ha
15 years
THB 22,803,000
Lease type
Absolute Triple Net

Asset Description

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.


Investment Highlights

  • Mission-critical facility manufacturing OTC and RX pharmaceuticals for core blue chip customers such as Walmart, CVS, Walgreens, and more
  • Deeply entrenched customer base due to PLD’s track record as a reliable supplier with key qualifications such as cGMP and FDA approved facilities
  • Significant tenant investment in highly advanced machinery at the Property to upgrade manufacturing efficiencies and support growth
  • Miami’s industrial market fundamentals are thriving – as of Q4 2023, vacancy rates are lowest ever recorded at 1.6% and according to GreenStreet, rents in Miami-Dade County are projected to grow 23% over the next 36 months
  • Annual base rent increases provides for strong contractual income growth and a hedge against inflation
  • Absolute NNN lease structure with zero landlord responsibilities makes for an optimal passive investment
PL Developments Sale-leaseback (Miami, FL) 4_Property for Sale
PL Developments Sale-leaseback (Miami, FL) 4_Property for Sale
PL Developments Sale-leaseback (Miami, FL) (0 Properties)

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Last updated
14 Mar 2024