A warehouse in Miami Lakes will move from making underwear to masks, after a medical device manufacturer paid $15 million for the 156,000-square-foot building.
DemeTech, based in Miami Lakes and led by Luis Arguello Jr., bought the property at 5980 Miami Lakes Drive, according to a press release. DemeTech’s products include N95 respirator masks, surgical masks and absorbable sutures.
Records show the seller is a company affiliated with Isaco International, which designs, distributes and licenses men’s underwear and ties, including its brands Papi and Rico, as well as other labels like Perry Ellis.
The sale price equates to about $96 per square foot.
The warehouse was built in 1988, according to records. Isaco paid $9.3 million for the property in 2004.
State Street Realty’s Frank Trelles represented the buyer, according to the release. Gabriel Garcia-Menocal and Lucia Custer of NAI Miami and Sybil Benazera of Corporate Realty Solutions represented the seller.
The two-story building had an asking price of $17.9 million, according to an online listing. It spent almost a year on the market.
Last year, Isaco CEO Alan Zelcer sold his waterfront Bal Harbour estate for $12.2 million.
Other recent sales in Miami Lakes include Brookfield Property Partners buying a warehouse in Miami Lakes for $22.2 million, and Ward Law Group buying a Miami Lakes office building for $11.5 million.