By Robert Demeter
Miami—Cushman & Wakefield recently negotiated the sale of a 91,872-square-foot operations and call center property located near Miami in Miramar, Fla. The property traded for $22.8 million, or $248 per square foot.
The seller, Chicago-based Green Meadows Miramar LLC, was represented by Cushman and Wakefield’s Managing Director Dominic Montazemi, Executive Director Scott O’Donnell and Senior Associate Greg Miller. Key Biscayne, Fla.-based ATCG LLC was the buyer. Cushman & Wakefield’s Capital Markets Team co-marketed the property along with CBRE Senior Vice President Tom O’Loughlin. City National Bank of Florida provided a $13.8 million acquisition loan for the buyer.
The building is situated at 15800 SW 25th St. on an 11-acre parcel within Miramar Center Business Park, just north of Interstate 75 and Miramar Parkway interchange. It’s currently fully occupied by Comcast, which houses more than 800 employees at the site. The state-of-the-art asset is the company’s second and most recent operation in Miramar. The global communications conglomerate leased the building until 2026 and self-manages it as well.
The property was developed in 2000 and features a raised call center floor, renovated bathrooms, a fitness center, an on-site cafeteria, hurricane resistant construction, a full battery UPS backup generator and 650 surface parking spaces, among other amenities. The entire building underwent a $3 million capital improvement program earlier this year, financed by Green Meadows Miramar LLC and Comcast. More improvements are anticipated, and when construction is complete the building will house multiple high-tech training rooms and demonstration laboratories in addition to the call center spaces. Comcast is projected to become the largest employer in Miramar after fully staffing the site.
“This asset comprised an extremely well-located, high-quality asset with an irreplaceable amount of excess parking and land,” said Montazemi in prepared remarks. “This was an exceedingly rare opportunity to acquire a major mission-critical facility with a long term lease to a Fortune 50 company.”
Photo courtesy of Yardi Matrix