In one of the most significant transactions of this year so far, JLL has finalized the $42 million sale of a 238,420-square-foot office building in western Miami-Dade on behalf of Ryder System, Inc., a leader in commercial transportation and supply chain management solutions, for its existing corporate headquarters.
The property, which consists of a four-story class A suburban office building that sits on 16.8 acres of land, is located inside the Flagler Station Business Park at 11690 NW 105th St.
JLL’s Managing Director Steven Medwin SIOR, CCIM, Senior Vice President Rod Loschiavo, and Senior Vice President Nick Wigoda completed the transaction on behalf of Ryder. The seller, an entity controlled by Flagler Development, was represented in-house by Senior Director of Leasing Stuart Gordon.
“Ryder has been based in Miami since its founding in 1933. With this transaction, the company saw a tremendous opportunity to own its headquarters after having the building constructed for its use back in 2005,” Medwin explained. “The company’s initial 10-year lease was nearing its expiration and after scouring the South Florida market and several cities outside Florida for alternative locations, Ryder concluded that acquiring its existing office campus would meet its current and long-term operational needs in South Florida.”
“We are pleased to make this investment in the community where Ryder was formed more than 80 years ago,” said Ryder Chairman and CEO Robert Sanchez. “As a result of purchasing our headquarters, we are able to further strengthen our ties with the South Florida community that has been so instrumental to our success, while also making a sound long-term financial decision to aid the future growth of our business.”
The transaction translates to a sale of $176 per square foot – a very competitive price compared to recent office buildings that have traded in the county’s Central Business District at more than $400 per square foot. According to a release, the single-building sale is one of the largest to close in South Florida in several years, as the local market has a very limited supply of single-tenant office buildings over 200,000 square feet.
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