Cushman & Wakefield Brokers $23M Miami Office Sale
- Oct 27, 2020
Cushman & Wakefield has facilitated the $22.6 million sale of Miramar Tech Center, a 56,710-square-foot Class A office property in Miramar, Fla. Scott O’Donnell, Mike Ciadella, Dominic Montazemi, Greg Miller and Miguel Alcivar negotiated on behalf of the seller, United Data Technologies. The brokerage’s Jason Hochman secured a $13.6 million acquisition loan for the buyer, Midtown Capital Partners. Citibank provided the 10-year note, according to Yardi Matrix data.
The seller and developer acquired the 4-acre site at 2900 Monarch Lakes Blvd. for $2.1 million from Lake Montessori School in 2015, according to Broward County records. In 2017, City National Bank of Florida originated a $16.7 million construction loan for the project.
The three-story building delivered in 2018 and is fully leased with new long-term commitments. Miramar Tech Center has impact windows designed to resist Category 4 hurricanes, a back-up generator and a connection to two different power grids for redundancy and dual HVAC systems. Additionally, the property has a five-story parking deck. The site is close to Interstate 75 and 23 miles northwest of downtown Miami.
In July, a Cushman & Wakefield team including O’Donnell, Ciadella and Montazemi assisted Bridge Investment Group in the $82.5 million disposition of Bayview Corporate Tower, a 413,833-square-foot office property in Fort Lauderdale, Fla.