Marcus Capital Partners Fund I and The Easton Group Form Joint Venture to Acquire Cordis Corporation's Former Complex in Miami Lakes, Florida
(Miami, FL - January 5, 2011) MCP EWE, LLC, a joint venture between Boston, MA based Marcus Capital Partners Fund I, a $250M commingled fund, and Miami, FL based, The Easton Group, is pleased to announce the acquisition of a 394,000 square foot mixed use facility in Miami Lakes, Florida which was formerly occupied by Cordis Corporation. The purchase price was $8.15 million ($20 psf).
The property is strategically located in the Miami Lakes Industrial Park at 14560 NW 60th Avenue, in close proximity to the Opa Locka Airport and the surrounding strong residential population base of Miami Lakes. This mixed use property includes eleven buildings spread out over 27 acres and houses advanced laboratories, clean rooms, air-conditioned warehouse, and office and retail space. The venture is also pleased to announce that Heartware International (NASDAQ; HTWR), a leading manufacturer of a left ventricle heart assist pump and headquartered in Framingham, MA, has signed a ten-year lease for more than 130,000 square feet at the facility. Heartware International will take immediate occupancy and commence renovations for their specialized use. Cordis, a division of Johnson & Johnson, will remain in a portion of the facility for at least a year.
Paul Marcus, President of Marcus Partners, said "We look forward to working with The Easton Group as we reposition this asset. This transaction fits in well with our investment strategy of acquiring quality, well located, value-add properties at a reasonable basis. We will continue to seek additional investment opportunities in select Florida markets as we look to expand our Florida portfolio."
"We are proud to have this asset in our portfolio and we look forward to completing many capital improvements that will make this the premier mixed use facility in the greater Miami Lakes market," said Edward W. Easton, chairman of The Easton Group. "We believe there will be great demand for this type of product in the marketplace."
About Marcus Partners:
Marcus Partners is a value-oriented real estate investment firm based in Boston, Massachusetts with regional offices in Norwalk, Connecticut and Tampa, Florida. The firm invests in real estate and related assets, pursuing a mix of strategic and opportunistic investment strategies. Marcus Partners is currently investing its Marcus Capital Partners Fund I acquiring a diversified portfolio of office, bio-medical, medical office, warehouse and light industrial properties in major metropolitan areas on the east coast from Massachusetts to Florida. For more information, please log on to www.marcuspartners.com.
About The Easton Group:
The Easton Group is a family-owned, boutique commercial real estate firm with over 30 years of experience and an exceptional track record. The group is broken down into four business units consisting of commercial real estate investment, development, brokerage, and property management. The Easton Group is headquartered at International Corporate Park in Doral, Florida. For more information log on to www.theeastongroup.com.
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