Location Summary

• Palmetto Lakes Executive Office Building is part of the South Florida MSA and also located inside the Miami Lakes Industrial Sub-Market. Located in the Miami Lakes area, which occupies a land area of approximately 6.6 square miles and conveniently located just 10 miles from Miami International Airport, also bordered by Opa-Locka Airport, and several major interstates, the Town is home to approximately 30,000 residents and over 1,700 businesses. Since incorporation in 2000, the Town has experienced significant development which has resulted in a population increasing from 22,676, in 2000 to 29,361, in 2010, which represents an increase of 6,685 persons or 29.48%. The Town is approximately 94% built out, with only a small portion of the land remaining vacant and undeveloped. While the economy in South Florida continues to struggle under the effects of the global economic recession, the Town’s per capita income has remained strong and is significantly higher than the Miami-Dade Metropolitan Statistical Area (“Miami-Dade MSA”) and the State of Florida (the “State”). U.S. Census Bureau, American Community Survey data, indicated that the Town’s per capita income for 2010 was $29,039, while Miami-Dade MSA and the State per capita personal income were $23,750 and $27,151, respectively. The Town has also benefitted from a relatively low unemployment rate. In 2010, the Town’s unemployment rate was 7%, which was significantly lower than the County’s unemployment rate of 13.1 % for the same period. The Town of Miami Lakes is in excellent financial condition, as recognized by Moody’s and Fitch with an AA+ rating for the Town’s bond issue and maintains one of the lowest tax rates in Miami-Dade County. In 2011, the Town distributed $525,000 from unspent funds from the prior fiscal year which translated into a $75.00 dividend to all homestead exempt Town residents. The Town is one of few local governments in the County that has ever returned monies to its residents.
• Miami Real Estate Group - Commercial Division presents this exclusive off-market opportunity in the outskirts of Miami Lakes. Palmetto Lakes Executive is a 39,000 SF office building located at the corner of NW 52nd Avenue and NW 167th Street, fronting the East section of the Palmetto Expressway. Palmetto Lakes Executive is a CBS building with a glass curtain wall engulfing 3-stories on a 1.72 acre lot zoned Industrial-Commercial. The property has an asphalt parking lot with 128 free parking spaces. There are 20 tenants occupying the building with several tenants covering multiple spaces. The largest tenant CBT College occupies 11,500 SF and their current lease expires in December 2018. Owner is in negotiation with a replacement tenant, at a higher rate to occupy most if not all of the space being vacated. Leases at Palmetto Lakes Executive are on a gross basis with an average term of 3-years or more. Several tenants have occupied the building for over 7-years. Owner is in negotiation with every tenant who has an expiring lease and has received a favorable reception from all. Rents for the spaces range from as low as $13.00 PSF to as high as $20.95 PSF providing a potential upside in rents as the leases come up for renewal in 2019. Several of the lowest paying tenants have leases expiring in 2019 and 2020. Currently the property is fully leased. Management is done onsite with a full-time staff including manager and chief engineer. Owner is currently renovating the common areas of the building as well as the mechanics of the property. They are currently spending close to $300,000 in improvements and they are 60% complete. Owner is looking to diversify his portfolio and has selected this asset for disposition. With upside potential in rents, a fantastic exposure to the Palmetto Expressway with over 140,500 vehicles daily and its proximity to the largest industrial sector off Miami Lakes and Miami Gardens, Palmetto Lakes Executive Office Building is an exceptional value opportunity.