The building has seen booming business for the last fifty years, but now the business is planning to serve their clientele elsewhere as a strategic business move.
The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.
Bank of America purchased the asset on behalf of a client, and JLL will lease the property for the new owner.
Comerica Bank anchors the asset.
The deal marks a 12,000-square-foot expansion.
The multifamily community was constructed in 2016 and features three distinct floor plans averaging 993 square feet.
“The industrial leasing activity remains solid as we enter 2021,” said Waite. “Now that we’ve rolled out a COVID vaccine in South Florida, I suspect business and consumer confidence will only get stronger providing lots of new opportunity in the commercial real estate market.”
Miami-Dade County’s Office of the Property Appraiser announced on Thursday that it will consider landlords’ financial losses when assessing 2021 fair market values.
The JLL team of Katie Fernandez-Espinosa, Zach Winkler, and Rafael Romero represented MiamiCentral in the lease negotiations.
The acquisition increases the company’s South Florida portfolio to 101 buildings totaling over 5.2 million square feet.