The mixed-use property features a 20,150-square-foot class A office building with an attached 18,048-square-foot private hangar that can accommodate up to four planes, a luxury 2-bedroom/2-bathroom apartment overlooking the runway, and a prime development opportunity for fee simple-owned land zoned for additional airplane hangars or industrial development.
Summit Realty acquired the vacant land for $20 million in 2023.
Avison Young’s Brian C. de la Fé led a team that represented Boca Raton-based seller 2020 Properties in the disposition to buyer Twenty Lake.
The leases total 14,201 square feet, or approximately 10% of the total rentable space.
The 64-month renewal comprises two full floors, keeping the 4-story building 98 percent occupied.
The $353-per-square-foot transaction far surpassed the current $225-per-square-foot market average for office investment sales.
Donna Abood, Joe Abood, and Peyton Dowd of Avison Young represented FECR in the transaction.
The team will focus on representing owners, tenants, and investors of industrial property throughout Florida.
One of the most notable transactions is a 116,000 square-foot, new-to-market lease deal inked at SFLC Building 6 with MARVAL, a premier Chilean-based Maritime Transport and Logistic Services provider.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller, and John Crotty and Michael T. Fay of the Avison Young’s Miami office consulted with both parties on the transaction.