Cushman & Wakefield Arranges $56.7 Million Sale Of Metro Miami Office Portfolio
Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge, and Rick Colon of Cushman & Wakefield represented both the seller and buyer in the transaction.
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Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge, and Rick Colon of Cushman & Wakefield represented both the seller and buyer in the transaction.
A partnership between Ft. Lauderdale-based Mitchell Property Realty, Inc. and Atlanta-based Ridgeline Property Group acquired the property and plan on developing a 227,000-square-foot spec office, warehouse, distribution facility located inside Westlake Landings, a 50-acre master-planned business park located off Seminole Pratt Whitney Rd.
Pompano Beach, and Broward County as a whole, is seeing unmatched commercial and industrial real estate demand.
Bidding deposits and qualifications must be submitted to the court-appointed receiver, Michael Goldberg, no later than 5 p.m. on Friday, May 20, 2022.
According to CBRE Research, strong leasing was sustained in the first quarter with more than 630,000 square feet in office transactions executed in Broward County.
The mall was 80 percent leased at the time of sale to more than 100 tenants.
The portfolio consists of seven multi-tenant office buildings totaling 308,305 square feet.
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.
The logistics center totals approximately 124,000 square feet.
The seller achieved 25% asset appreciation in 14 months with a strategic value-add plan.
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