Miami-Dade County has notified the owner of an 80-acre Assurant office complex near Cutler Bay that it is backing out of a $160 million deal to buy the property and transform it into a new South Dade Government Center.
A broker representing the campus's owner, American Bankers Life Assurance — an insurance company that operates as Assurant — received a letter from the county confirming the collapse of the deal, the Miami Herald reported.
"It is with much consternation that I write to confirm that Miami-Dade County is not prepared to move forward with the acquisition of the Assurant property at this time," Dawn Soper, director of the county's Real Estate Division, said in the letter.
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.
