MIAMI—200 South Miami Avenue, a 1.2-acre core infill site in the heart of Downtown Miami that is currently home to FedEx's 110,000-square-foot, last-mile distribution center, has traded hands. The sale price: $37.25 million, or $712 per square foot of land.

The Cushman & Wakefield brokerage team of Robert Given, Troy Ballard, in conjunction with Mike Davis, Travis Trautvetter, Rick Brugge, Michael Lerner and Colliers' Gerard Yetming, represented Miami-based investor Fifteen Group in the disposition. Long Island-based developer Lalezarian Properties acquired the asset.

“This transaction is an excellent example of what Fifteen Group has been doing for years—acquiring undervalued assets and creating value through aggressive asset management,” says Justin Toal, Chief Investment Officer and senior principal at Fifteen Group. “In this case, we were able to negotiate a long-term extension with FedEx at an attractive rent and subsequently offer an excellent product to the investment market. This is a highly desirable, urban-core location with in-place entitlements for high-density projects. In the interim, the new owner has an investment grade tenant.”