Cushman & Wakefield Arranges Sale Of Flex Building In Flagler Station

Cushman & Wakefield has arranged the $13,300,000 sale of Wells Fargo at Flagler Station, a 35,000-square-foot mission-critical flex industrial building located at 10325 NW 112th Ave. within Flagler Station Business Park.

Cushman & Wakefield’s Miguel Alcivar, Stuart Gordon and Matthew Bittel along with Marcus & Millichap’s Derrick Dougherty represented the seller in the transaction. The building was sold by Dunnagall Partners, LLC and acquired by East Capital Partners, LLC, a real estate private equity firm based in Darien, Connecticut.

“The East Capital Partners team recognized the opportunity to acquire a high-quality industrial asset in Miami with stable cash flows from an entrenched national credit tenant with limited downside risk given the intrinsic land value in Flagler Station and future redevelopment optionality of the low coverage site,” said Alcivar, Managing Director at Cushman & Wakefield.

 

Drew DeWitt, Co-Founder of East Capital Partners, stated “We found this asset compelling given its excellent location, access, tenant credit profile and Miami’s significant barriers to entry. Overall, the investment offers a healthy cash flow profile, along with value-add potential to enhance income and generate strong returns for our investors.”

Wells Fargo at Flagler Station was purpose-built in 2009 on approximately four acres and is fully leased to Wells Fargo. The fortress property sits on high ground and features an eight-foot-tall perimeter fence, tilt-wall construction, a large parking lot that could potentially be utilized for outdoor storage, heavy power and a backup emergency generator. As part of Flagler Station Business Park which features over 10 million square feet of premier industrial and office space, the property also is among well-established institutional owners and companies and benefits from strategic access to South Florida through several of the region’s major highways and expressways.

 

 

-------------------------

Get the latest industry news and information from CRE-sources delivered right to your email inbox!

And we promise…no more than one email each morning.

 

CLICK HERE TO SUBSCRIBE TODAY!