City Of Opa-Locka Picks Up 80,000 SF Mixed-Use Asset

CBRE arranged the sale of Town Center I in Opa-locka.
The 80,000-square-foot mixed use asset was acquired from JWV Florida Properties LLC by the City of Opa-Locka for $7.9 million.
CBRE represented the seller in the sale.
 

“The City of Opa-Locka was the perfect strategic buyer for the asset as it allows them to consolidate various municipal departments under ‘one roof’ in roughly 40% of the building, generate revenues by leasing the balance of the property to multiple tenants, and catalyze the growth and transformation of the Central Business District,” said Senior Associate Miguel Alcivar of CBRE Investment Properties. ““The city had tried to negotiate the purchase of the property before and they were considering going down a path of building their own property. But CBRE was engaged to help negotiate the sale, and was successful in doing so.”

The four-story, mixed-use office building with ground floor retail is located at 780 Fisherman Street in the heart of the City of Opa-locka’s Central Business District (CBD).  Built in 2004, the transit-oriented property is situated on 0.48-acres of land within footsteps of municipal offices and across the street from a Tri-Rail station.
In addition to being strategically located within a Miami Enterprise Zone, which grants the property a competitive advantage in attracting tenants, the centrally located property connects with most of Miami’s major highway systems and the Opa-locka Airport within 4 miles.
Mr. Alcivar collaborated with CBRE’s Scott O’Donnell, Dominic Montazemi, Jason Hochman and Greg Miller from CBRE’s South Florida Commercial Investment Properties team, and Jeff Livingston from the CBRE/New England office.