The complex consists of office space in three buildings on 80 acres on Old Cutler Road at Southwest 184th Street. The main building is 220,000 sf on four stories with views of Biscayne Bay. The building includes class A office space, open-air terraces, two floors of covered parking, and the former Burger King cafeteria, dining rooms and employee fitness center. The building that housed the former Burger King test kitchens consists of two floors and a total of about 51,000 sf with covered parking on the ground floor. The third building includes 34,000 sf of class A office space on three floors.
"I've had my eye on this piece of real estate for many years and envision it becoming a significant part of the community," Silver said in a statement. "The property's substantial, well-maintained structures, superior office space, unsurpassed bay views and natural beauty position it as a premier destination."
Silver says he is in preliminary discussions to lease or sell the third building to the city of Palmetto Bay, which was recently incorporated, to house municipal offices.
Abood Wood-Fay Real Estate Group is the exclusive pre-leasing agent for Palmetto Bay Village Center, which includes 800 mostly covered parking spaces. The leasing agents are Pamela Smith and Mia Stierheim. Donna Abood, CEO of Abood Wood-Fay Real Estate Group, is in charge of the marketing strategy for leasing the property. The rental range is quoted as $18 to $22 per sf, less than the $24 to $30 per sf that is common in the nearby area. A spokeswoman tells GlobeSt.com that Silver attributes the lower rents to the deal the buyer got on the property.
"There are unlimited possibilities for the main building, from smaller, executive-type offices starting at 500 sf, to full-floor, 50,000-sf tenants," Stierheim says. "Amenities such as conference rooms and employee lounges can be made available to the smaller users. The substantial kitchen/dining facilities are perfect for a full-service, turnkey banquet hall enterprise, while the former fitness center could be redeployed with ease."
The test kitchen area could offer opportunities as well. "This unique structure includes fully equipped kitchens, classrooms, conference rooms and laboratories and would be ideal for a culinary institute or similar venture," Smith says.
Burger King's former world headquarters was damaged by Hurricane Andrew in 1992 but was refurbished to code after the storm. Burger King occupied the facilities until 2002, when its lease was up and it downsized and moved its headquarters to a new site in the Miami airport area.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
