Sales  ·  office

Medical Research Company Buys Miami Lakes Office

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Indago Research and Health Center paid $11.7 million for a low-rise office building in Miami Lakes, Fla., property records show.

The two-story building sits on two acres at 8181 NW 154th Street, at the corner of Northwest 82nd Avenue, half a mile west of the Palmetto Expressway. Miami Lakes is a small inland community about 16 miles northwest of Downtown Miami.

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The Hialeah-based company, which conducts clinical research, plans to occupy parts of the 59,973-square-foot building, according to Ricardo Du Pond of Fortune Christie’s Real Estate, who represented the seller, Miami Lakes Plaza LLC.

The building, which was constructed in 1991, is now 74 percent leased with tenants that include Divine Plastic Surgery and Chinitas Beauty and Eyebrow Spa by Dailyn, per Du Pond. Michael Ambrose of Ambrose Commercial Realty Group represented the buyer in the off-market transaction.

The seller had purchased the property for $6.4 million in 2012, per records. 

At the close of 2023, the Miami Lakes office market boasted a vacancy rate of 15 percent and asking rents of $33 per square foot, according to data from Cushman & Wakefield

Julia Echikson can be reached at jechikson@commercialobserver.com