Phase I of the project was completed in 2020 and experienced rapid leasing velocity through the pandemic and is currently 99% occupied. Phase II is under construction and scheduled for completion in 2022. Upon completion, the project will total 401 units.
Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood.
The project spans across nine waterfront acres.
The tenant now occupies the building’s first and second floor spanning over 95,000 square feet of office space, accounting for the majority of the building.
At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.
Newmark’s Executive Managing Directors Steve Medwin and Nick Wigoda, along with Managing Director Alan Long, were the sole brokers on the transaction.
“With the vaccine gaining more traction each day, companies are feeling more confident about executing on their growth strategies,” said Azor. “We are now backfilling space vacated during the pandemic with tenants who are willing to make long-term commitments.”
The lease deal brings Building G at Davie Business Center, which totals 114,774 square feet, to 100% leased.
Real estate investor and motivational speaker Grant Cardone bought the office complex.
C&W’s Calum Weaver, Garrett Pordes, Robert Given, Zach Sackley and Troy Ballard of Cushman & Wakefield represented the seller, Finvarb Group, in the transaction.
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