Three-Acre Buy Sparks 50,000-SF Office Project

MIAMI-Deerwood Financial Center has acquired a 2.95-acre site at the southwest corner of 140th Terrace and 119th Avenue with plans to construct a 50,000-sf office building. The land was acquired from Precision Response Corp. for $2.275 million, or about $18 per sf.

Deerwood is planning to construct an office building designed to withstand a Category 5 hurricane with back-up power capabilities. The building is designed to accommodate financial institutions and other tenants seeking to locate operations centers or data processing functions. The site has access to a fiber optic “pipe” and to Florida’s Turnpike Extension, the Palmetto Expressway and State Road 878.

The seller was represented by ComReal Miami Inc. Industrial Division vice-president Edward Redlich, partner Viktoria Telek and partner Jason Machado. The buyer was represented by David Colonna, of Colonna Properties.