The NO-FAULT Group Secures 22,000 SF Penthouse Office
The transaction was facilitated by Colliers Vice Chair Stephen Rutchik and Senior Vice President Kevin Gonzalez.
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The transaction was facilitated by Colliers Vice Chair Stephen Rutchik and Senior Vice President Kevin Gonzalez.
Jonathan De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller, Core Investment Management, and procured the buyer, a local family office.
Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors (AOZA).
Colliers’ Jonathan Kingsley, Kevin Gonzalez, and Tom Farmer represented the landlord in the lease renewal. JLL’s Adam Bernstein represented the long-term tenant.
The ten-year lease will commence upon completion of building construction and tenant improvements expected to be in June 2025.
The first phase of the project includes a total of 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments.
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The property consists of three 36-foot clear height rear-load industrial distribution buildings containing approximately 495,000 square feet on 23.4 acres.
The sale price comes to approximately $362 per square foot.
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