Edenderry Buys 33 KSF Commercial Asset in Miami

The Centennial Express Building sold for $6 million and is home to tenants such as the Palm Medical Center and the Social Security Administration. Cushman & Wakefield represented the seller in the transaction.

Centennial Express Building
Centennial Express Building

Edenderry Properties LLC has bought the Centennial Express Building, a 33,339-square-foot commercial property in Allapattah, Miami, for $6 million. The property was 78 percent occupied at the time of sale.

Built in 1945, the asset spreads across a 1.7-acre site and is located at 1251 North West 36th St. Tenants include Palm Medical Center and the Social Security Administration.

Cushman & Wakefield Director Miguel Alcivar, Managing Director Dominic Montazemi, Executive Director Tony Jones and Director Frank Begrowicz negotiated the transaction on behalf of the seller, Centennial Express Inc., while Sime Realty Corp. President Scott Sime represented the buyer.

“The offering represented a unique opportunity to acquire a covered land play in the emerging urban neighborhood of Allapattah with near-term upside from repositioning the existing building and future transit-oriented development potential given the property’s proximity to a Metrorail Station one block away. The site’s configuration, scale and favorable underlying Miami 21 zoning are ideally suited for future higher-density, mixed-use development,” said Alcivar in prepared remarks.

Biscayne Boulevard, the Airport Expressway and Interstate 95 are all easily accessible from the property. Miami International Airport and Doral are also located nearby.

Photo via Google Street View