Cushman & Wakefield has arranged the sale of the Metro Miami Portfolio, a collection of two buildings totaling 306,545-square-foot in Downtown Miami’s Central Business District.
The final sale price was $56.7 million.
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. The property was sold by an undisclosed seller and acquired by a partnership between Triple Double Real Estate and Stonerock Capital Partners.
“The two complementary buildings are positioned to benefit from the continued deluge of investment in development projects, relative value appeal of downtown, and influx of office tenants and residents drawn to Miami’s vibrant urban 24/7 live-work-play proposition,” said Davis, Executive Vice Chairman at Cushman & Wakefield.
“This Miami portfolio offering has been substantially repositioned by previous ownership, allowing the new owner to focus on the lease up of two assets that provide immediate scale in the downtown market,” added Alcivar, Managing Director at Cushman & Wakefield.
The Metro Miami Portfolio was 59% leased at the time of sale and includes a twelve-story building with ground floor retail at 200 SE 1st St. and a 26-story bank-anchored building at 44 West Flagler St.
Both buildings are just .3 miles apart and have exceptional connectivity due to being in close proximity to the Metromover, Metrorail and Brightline and Interstate 95. They are also within walking distance of several new mixed-use developments in Downtown Miami such as Miami World Center, Miami Central Station and the Flagler Street Project.
Other amenities include move-in ready spec suites in turnkey condition and future value-add potential through the implementation of mark-to-market and lease up strategies.
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