{"id":1004183764,"date":"2017-07-13T03:35:15","date_gmt":"2017-07-13T11:35:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183764"},"modified":"2022-12-08T00:25:06","modified_gmt":"2022-12-08T08:25:06","slug":"downtown-miami-industrial-asset-sells-for-37m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-miami-industrial-asset-sells-for-37m\/","title":{"rendered":"Downtown Miami Industrial Asset Sells for $37M"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004183766\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/200-S.-Miami-Ave.-Miami.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004183766\" data-attachment-id=\"1004183766\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/downtown-miami-industrial-asset-sells-for-37m\/200-s-miami-ave-miami\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/200-S.-Miami-Ave.-Miami.jpg\" data-orig-size=\"1024,730\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Mihaela Coste&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1499942852&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"200 S. Miami Ave., Miami\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/200-S.-Miami-Ave.-Miami.jpg?w=1024\" class=\"wp-image-1004183766 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/200-S.-Miami-Ave.-Miami.jpg\" alt=\"200 S. Miami Ave., Miami\" width=\"300\" height=\"214\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/200-S.-Miami-Ave.-Miami.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/200-S.-Miami-Ave.-Miami.jpg?resize=300,214 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/200-S.-Miami-Ave.-Miami.jpg?resize=768,548 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004183766\" class=\"wp-caption-text\">200 S. Miami Ave. in Miami<\/p><\/div>\n<p>Cushman &amp; Wakefield negotiated the sale of an industrial asset located in the heart of downtown Miami that is currently home to FedEx\u2019s distribution center. Long Island-based developer Lalezarian Properties acquired the asset from Fifteen Group for $37.3 million, or $712 per square foot of land.<\/p>\n<p>Located at 200 S. Miami Ave., the 109,637-square-foot building offers convenient\u00a0accessibility to all major thoroughfares, good\u00a0connectivity within the CBD via Miami\u2019s expanding mass transportation system, as well as high walkability. The asset features 16-foot clear heights and 199 parking spaces.<\/p>\n<p>The six-story property was developed in 1999 as a build-to-suit facility for FedEx and currently serves as a last-mile warehouse and retail packaging center. FedEx recently signed a 12-year triple-net lease at the property.<\/p>\n<p>Robert Given, Troy Ballard, Mike Davis, Travis Trautvetter, Rick Brugge and Michael Lerner of Cushman &amp; Wakefield, along with Colliers\u2019 Gerard Yetming, represented the seller.<\/p>\n<h2><strong>Short- and Long-term Prospects<\/strong><\/h2>\n<p>The <a href=\"https:\/\/miami21.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Miami21<\/a> zoning allows the new owner a couple of options moving forward. The asset can continue operations as a last-mile FedEx facility, can be redeveloped for nearly 2 million gross square feet of mixed-use space, as an 80-story, 1,200-unit residential tower or it can be repurposed for other commercial uses.<\/p>\n<p>\u201c<em>This transaction is an excellent example of what Fifteen Group has been doing for years\u2014acquiring undervalued assets and creating value through aggressive asset management,<\/em>\u201d said Justin Toal, chief investment officer &amp; senior principal at Fifteen Group, in a prepared statement. \u201c<em>In this case, we were able to negotiate a long-term extension with FedEx at an attractive rent and subsequently offer an excellent product to the investment market.<\/em>\u201d<\/p>\n<p>\u201c<em>Covered land opportunities in South Florida are in extremely high demand,<\/em>\u201d added Given. \u201c<em>200 South Miami Avenue provided investors with the opportunity to acquire an asset with excellent short- and long-term prospects. This unique combination of exceptional status-quo performance along with outstanding redevelopment and reuse options drove investor interest and value.\u201d<\/em><\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 109,637-square-foot property serves as a last-mile warehouse and retail packaging center for FedEx. The company recently extended its long-term lease.  <\/p>\n","protected":false},"author":1192,"featured_media":1004183766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,1492,21742],"tags":[32763,34896,33339,36236,36708],"class_list":["post-1004183764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-miami","category-latest","tag-colliers-international","tag-cushman-wakefield","tag-fedex","tag-fifteen-group","tag-lalezarian-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Downtown Miami Industrial Asset Sells for $37M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/downtown-miami-industrial-asset-sells-for-37m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Miami Industrial Asset Sells for $37M\" \/>\n<meta property=\"og:description\" content=\"The 109,637-square-foot property serves as a last-mile warehouse and retail packaging center for FedEx. 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