NGKF Capital Markets announced the $40 million sale of Advance Tower, located at 6262 Sunset Drive in Miami, which will remain the Class A office headquarters of global lodging provider, Interval International Inc.
Executive Managing Directors Adam Greenberg and Michael Lapointe, along with Managing Director Michael Lohmann, represented JW Advance LLC, a Boca Raton-based company managed by Jeffrey J. Weiss. JW Advance LLC developed and managed the property since 1986 and has now sold the eight-story, 100,798-square-foot building to USAA Real Estate Company.
Lohmann, who led NGKF Capital Markets in the sale, said, “It’s a unique asset in a rapidly changing submarket that required significant time and effort to locate the right buyer and close the transaction.”
The NGKF Capital Markets team based in South Florida comprises Greenberg, Lapointe and Lohmann, along with Senior Financial Analyst Scott Gordon and Senior Transaction Specialist Stephanie Ceballos. Together, the team has executed more than $2.5 billion in institutional and private client transactions, over $1.5 billion in financing and brokerage transactions and has traded over $750 million of residential and commercial loans and REO product. The team is recognized within Newmark Grubb Knight Frank’s (NGKF) national platform and is currently one of the top capital markets groups within NGKF’s Southeast region, having closed more than 30 deals in 2015.
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