The medical office building is leased long-term to the University of Miami (UM) Hospital.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
Bridge will transform the site into Bridge Point Port Everglades, a modern new 170,892-square-foot logistics facility that will cater to today’s logistics users. Bridge plans to deliver the building in early 2024.
The buyers intend to convert the property to art gallery and creative space.
An Ares Management Real Estate fund acquired the assets.
CBRE Executive Vice President John Criddle, First Vice President Joe Freitas, Senior Associate Max Pawk and Transaction Manager Allie Lancashire have been tapped to lease the buildings.
The buyer intends to renovate and lease the property.
Here are the most popular news headlines this past week on CRE-sources.
The JLL Capital Markets team representing the seller was led by Senior Director Maxx Carney and Managing Director Ike Ojala.
Miller began the site work in January and aims to complete the project this summer.
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