Miami Medical Office Building Trades for $11M
- Oct 04, 2017
Cushman & Wakefield negotiated the disposition of 50Forty on 7th, an 82,763-square-foot medical and professional office building in Miami’s Airport West Submarket. TMSA Altis 5040 LLC, an entity affiliated with a Montreal-based investment fund, sold the asset to Israeli investor Netz U.S.A. LLC in a $10.9 million deal, or $132 per square foot.
Located at 5040 NW 7th St., on a 1.76-acre site, the nine-story building was developed in 1986 and features a structured parking deck. 50Forty on 7th underwent a $2.1 million renovation program after the previous owner acquired the lender-owned and nearly vacant asset from Citizens Bank in 2013. The repositioning strategy boosted the property’s occupancy to approximately 70 percent. Notable tenants include the City of Miami’s Internal Affairs Department, Career Source and Borinquen Medical Centers.
The South Florida Commercial team of Director Miguel Alcivar, Managing Director Dominic Montazemi and Executive Director Scott O’Donnell, working in conjunction with Principal Frank Guerra of Altis Cardinal, represented the seller in the transaction.
“Lease up and value creation went according to plan. We are pleased to have successfully closed out this investment opportunity despite difficulties at closing created by Hurricane Irma,” said Guerra, in a prepared statement.
“The property’s central location, ease of access and relative value compared with similar assets in surrounding submarkets provide a competitive advantage for new ownership. Despite the uncertainty and disruption caused by the hurricane, the buyer and seller were able to effectively navigate around the challenges presented to advance the sale,” added Alcivar.
Situated just south of Miami International Airport, Waterford at Blue Lagoon Corporate Park and the Dolphin Expressway, 50Forty on 7th provides direct access to Coral Gables and the University of Miami. The transaction was originally scheduled to close on September 15, but the closing was delayed by the storm.
Image courtesy of Cushman & Wakefield