Marcus Partners Fund I acquires 394,000 SF Mixed-Use facility in Miami Lakes, FL

Marcus Partners 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 property was acquired in a joint venture between Boston based Marcus Capital Partners Fund I, a $250M commingled fund, and Miami based, The Easton Group.

This mixed use complex includes eleven buildings spread out over 27 acres and houses advanced laboratories, clean rooms, air-conditioned warehouse, 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. 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 “This transaction fits in perfectly with our investment strategy of acquiring good quality, well located, value-add commercial properties at a reasonable basis. The deal with the Easton Group illustrates the success we are finding in investing with local operating partners. We expect to be announcing soon at least two more acquisitions in other key East Coast markets with a similar theme: good quality, well located, value-add commercial properties acquired through joint ventures with local partners. Even though we have a reputation as being strong operators, we are seeking to team up with, and strongly value, local operating partners – even in the markets we already have a presence in. We believe this leverages our ability to acquire and turn properties around, enhances our knowledge base, as well as provides a more substantial platform to identify new opportunities.”