CBRE Capital Markets Arranges $66.8 Million In Construction Financing For Mixed-Use Project In Miami
The development broke ground in January this year with an expected completion date in the first half of 2024.
The development broke ground in January this year with an expected completion date in the first half of 2024.
The seller, a joint venture, purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
The 304,408-square-foot portfolio was 64 percent leased at the time of sale.
CBRE’s Christian Lee, Chris Riley, José Lobón, Amy Julian, and Royce Rose represented Butters in the transaction.
The 240,669-square-foot building was 95% leased at the time of the sale.
The property consists of a 9-story office tower, a 2-story medical office building and a development pad.
The 24%-leased newly constructed warehouse was sold to TA Realty.
The 479,145-square-foot asset consists of nine buildings, including one Class A 10-story building, three low-rise buildings and five single-story buildings. CLICK ON THE HEADLINE FOR MORE
The seller yielded $14 million after carrying the asset for only two years. CLICK ON THE HEADLINE FOR MORE
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