Washington D.C.-based private equity firm Carlyle Group has paid $21.7 million for a 10-building portfolio of flex space in the Miami Lakes region of Florida. The 424,000 sq. ft. industrial park consists of warehouse, flex space and retail showrooms. Codina Realty Services of Miami represented buyer Carlyle Group and seller Adler Group. With 29 acres, the portfolio is 90% occupied.
"The requirements for the buyer to become comfortable with this deal were demanding. This was not your typical deal where you sell one or two buildings. It was more time consuming and required in-depth due diligence on behalf of the purchaser," says Steven Nostrand, director of investment banking for Codina."It was the right time for both the seller to divest themselves of this property at a profit and for the buyer to enter the market at an acquisition price that was significantly below replacement costs."