Ryder HQ Building Trades for $39M

MIAMI- South Florida developer Shoma Development Corp. paid $39 million–in cash–for Ryder System Inc.’s existing 400,000-sf headquarters and adjacent land here. According to a spokesperson for the attorney that represented Ryder, the new owner may be planning a residential development on the property.The five-story, multi-purpose building is located on a 44.5-acre site at 3600 N.W. 82nd Ave. in Westside Corporate Center in the city’s Airport West submarket. The building is two miles west of Miami International Airport, and the immediate area is dominated by office buildings and multifamily residential properties.For its new location, Ryder has leased 250,000 sf at Flagler Station Business Park, formerly called Beacon Station. Jacksonville, FL-based Flagler Development Co. owns Flagler Station, South Florida’s largest business park. . Ryder plans to lease the building it sold back from Shoma Development until its new headquarters facility is finished sometime next year.Eric Rapkin, a shareholder in the Real Estate Practice Group of Akerman Senterfitt’s Fort Lauderdale, FL, office, and Joseph Goldstein, a shareholder in the Real Estate Practice Group of the firm’s Miami office, represented publicly traded Ryder System in its sale and lease transactions. Codina Realty Services Inc. Oncor International was named the exclusive listing agent for Ryder’s 400,000-sf headquarters building.The National Association of Industrial and Office Properties South Florida Chapter has named the lease, probably one of the biggest office transactions by sf in South Florida, the Office Lease Transaction of the Year.Shoma is a developer and builder of single- and multifamily residential properties. Ryder System, founded in Miami in 1933, provides transportation, logistics and supply chain management solutions worldwide, as well as supply chain support services such as consulting and management services.