TA Realty Sells $35M Miami Office Campus
- Jul 06, 2018
TA Realty has completed the sale of Kendall Summit Office Park, a six-building campus totaling 173,661 square feet in Miami. COFE Properties acquired the asset for $34.8 million. Cushman & Wakefield brokered the transaction and arranged $26 million in acquisition financing.
The non-recourse loan bears a low interest rate and it will fund future property improvements and leasing expenses. Located at 11400-11440 N. Kendall Drive, the property was developed on 8.2 acres in several phases, between 1984 and 1989. Kendall Summit Office Park was 73 percent leased at the time of sale to tenants including BB&T, Wells Fargo, Keller Williams and Quest Diagnostics.
The Cushman & Wakefield Capital Markets team of Miguel Alcivar, Mike Davis, Dominic Montazemi, Scott O’Donnell, Greg Miller, Rick Brugge and Michael Lerner represented the seller, while Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the buyer in securing the loan.
“The park offers significant upside through cosmetic upgrades to the common areas and exterior curb appeal and a speculative suite program that caters to the predominantly smaller, entrepreneurial tenants seeking turnkey space with convenient highway access in the Kendall submarket,” said Alcivar, in prepared remarks.
Kendall Summit Office Park is situated near the intersection of North Kendall Drive and S.W. 117th Avenue, adjacent to The Palms at Town & Country, a 667,757-square-foot open-air retail center. The office complex provides easy access to Florida’s Turnpike and the Don Shula and Snapper Creek expressways.
Image courtesy of Cushman & Wakefield