Westside Capital Acquires Coral Gables CBD Office Building In Off-Market Deal
The property was acquired in a special situation from a long-term private family owner.
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The property was acquired in a special situation from a long-term private family owner.
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This is the first South Florida location for the leading third-party food logistics company.
CBRE also announced that in the past six months, Kevin Gonzalez, Jake Freeman and Maggie Kurtz have arranged nine new office leases totaling 92,000 square feet at 777 Brickell.
The new, long-term lease brings the 212,619-square-foot building to 100% leased and marks Unique Vacations’ relocation and expansion.
The fully-occupied retail plaza features 138 feet of frontage along North State Rd 7 (US Highway 441), benefiting from a daily traffic count of over 52,000 vehicles.
Formerly an industrial building, the stand-alone property has been fully converted for office and restaurant use and features a rooftop terrace.
This transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market.
“The Buyer plans to make capital improvements to the property,” explained Thiel. “These small bay warehouses/apartment properties are rare and great investments to have in today’s market.”
Larry Genet and Tom O’Loughlin with CBRE represented Industrial Outdoor Ventures in both the purchase and lease of the property.
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