CB Richard Ellis Institutional Group vice chairman Christian Lee, CBRE/Melody South Florida office vice chairman Charles Foschini and CBRE/Melody South Florida office vice president Christopher Apone represented the seller. The buyer was not named specifically, but Foschini tells GlobeSt.com it was an institutional buyer with a local partner. "Cabot had owned the property for a long time and felt it was the time to sell," Foshini says.
Foshini adds that the buyer acquired the property as a value-add opportunity. "A new buyer with a new source of capital can rehab the property and drive rents higher," he says.
The property is located just west of US 1 in Downtown Kendall/Dadeland, an area which is undergoing extensive growth and revitalization. "The Dadeland submarket is one of the strongest submarkets in Miami," he says. "It truly is a live-work-play environment with access to public transportation and major highways."
The building's occupancy was in the mid- to upper 80s at the time of the sale. Major tenants include Burger King, Independent Purchasing Corp., City College and Quintairos, McCumber, Prieto & Wood PA, although Burger King is planning to vacate space. "That is space that can be re-rented at a higher rate," he says.
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