Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman Closed Five Deals in December Valued at Nearly $65 Million, Pushing Their Annual Sales and Financing Total Over Half a Billion Dollars
Cushman & Wakefield’s South Florida Commercial Team announced today that it closed five office and industrial sales in the month of December valued at $64.75 million and comprising 354,639 square feet.
Executive Director Scott O'Donnell, Managing Director Dominic Montazemi, Director Miguel Alcivar, Senior Associate Greg Miller and Senior Director Jason Hochman, a debt financing partner, closed more than $524 million in sales and financing in 2016.
“Improving leasing fundamentals, relatively low interest rates and continued demand from both domestic and off-shore equity investors has driven pricing to peak levels,” said O’Donnell. “Despite the deal execution challenges presented by this pricing, our team was able to post one of our most active years in terms of transaction volume.”
“2016 was another year in which our clients took advantage of low interest-rates, both floating and locking in for the long-term,” added Hochman. “While some lenders have become a little more conservative over the last six months, especially for construction lending, rates are still historically low and debt remains a positive influence on commercial real estate investment.”
Details of each transaction can be found below:
15800 SW 25th Street • Miramar, FL
As previously announced, Montazemi, O’Donnell and Miller negotiated the sale of a 91,872-square-foot operations and call center located at 15800 SW 25th Street. The building is currently fully occupied by Comcast, which houses more than 800 employees at the site.
Cushman & Wakefield represented Chicago-based Green Meadows Miramar LLC in the disposition. ATCG, LLC, a private foreign investor, acquired the asset for $22.75 million ($248 per square foot). Cushman & Wakefield’s Capital Markets Team co-marketed the property with CBRE Senior Vice President Tom O’Loughlin.
The state-of-the-art asset is Comcast’s second and most recent operation in Miramar. The global communications conglomerate has leased the building through 2026 and self-manages the property as well.
Pembroke Pines Medical Campus • Pembroke Pines, FL
As previously announced, O’Donnell, Miller and Montazemi, in conjunction with Executive Managing Director Mike Davis and Managing Director Donna Korn, negotiated the sale of Pembroke Pines Medical Campus, a four-building, 91,955-square-foot Class A medical office campus adjacent to Memorial Hospital West.
Cushman & Wakefield represented Boulder, CO-based The Professional Centre at Pembroke Lakes, LLLP in the disposition. Aventura, FL-based Hamesh Investment, LLC acquired the asset for $21.5 million ($234 per square foot).
Pembroke Pines Medical Campus comprises four, two-story buildings at 400, 500, 600and 700 North Hiatus Road.
2900 SW 42nd Street • Fort Lauderdale, FL
As previously announced, Montazemi, Miller and O’Donnell negotiated the sale of a Class A, 81,922-square-foot high-tech warehouse and manufacturing facility located at 2900 SW 42nd Street in Port 95 Commerce Park.
Cushman & Wakefield represented The Hanseatic Land Trust in the disposition. New York-based CJ Partners Hollywood, LLC acquired the asset for $13.7 million ($167 per square foot). The Capital Markets Team co-marketed the property with CBRE Vice President Larry Genet. Alan Levy of Levy Realty Advisors represented the buyer.
Cushman and Wakefield’s Hochman procured an $8.3 million long term, non-recourse loan for the buyer from Principal Real Estate Investors. The loan had a low rate fixed for 25 years with an interest-only period for a few years.
1101 Northpoint Parkway • West Palm Beach, FL
As previously announced, Miller, O’Donnell, and Montazemi negotiated the sale of 1101 Northpoint Parkway, a 35,968-square-foot dock-high, industrial building in Northpoint Commerce Park.
Cushman & Wakefield represented Boca Raton-based 1101 Associates, LLC in the disposition. New York-based Liberty Equities (USA), LC acquired the asset for $3.6 million ($100 per square foot). The Capital Markets Team co-marketed the property with CBRE’s Robert Smith.
1500 Avenue R • Riviera Beach, FL
As previously announced, O’Donnell, Miller and Montazemi negotiated the sale of a 52,922-square-foot, metal panel industrial warehouse at 1500 Avenue R in Palm Beach County.
Cushman & Wakefield represented Boston-based The Realty Associates Fund VIII, L.P.in the disposition. Palm Beach-based SL Avenue R LLC acquired the asset for $3.2 million ($60 per square foot). Cushman & Wakefield’s Capital Markets Team co-marketed the property with CBRE Executive Vice President Robert Smith.
Meridian Premier Center • Tampa, FL
As previously announced, Cushman & Wakefield assisted investor Tom Frederick of Worldwide Investments in the acquisition of Meridian Premier Center for $14.75 million ($142 per square foot). Hochman sourced a $10.50 million, 10-year fixed rate loan with flexible terms for the buyer from Wells Fargo.
The Cushman & Wakefield Capital Markets team of Executive Managing Director Mike Davis, Senior Director Rick Brugge and Senior Director Michael Lerner represented the partnership of Meridian Development Group and Blue Vista Capital in the disposition.
Meridian Premier Center is a three-building office campus developed between 1997 and 2002 in the Carrollwood area of Tampa. The one-story, steel-frame buildings are situated on a 12.3-acre site at 3901, 3920 and 3950 Premier North Drive in the Northwest Hillsborough submarket. The buidings feature glass storefronts and an above-market parking ratio on a beautifully landscaped campus. A recent $1 million capital upgrade program at the campus included new signage, updated common areas, landscaping upgrades and parking renovations. The campus was 96 percent leased at the time of sale.
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