Fully-Leased Industrial Building Trades For $30M In Off-Market Deal

June 3, 2021

Fully-Leased Industrial Building Trades For $30M In Off-Market Deal

Newmark announced the $30 million sale of 15800 SW 25th Street in Miramar.

In an off-market transaction, the asset was sold by 15800 Building LLC to an undisclosed institutional buyer. Newmark’s Executive Managing Directors Steve Medwin and Nick Wigoda, along with Managing Director Alan Long, were the sole brokers on the transaction.

The industrial building, located within Miramar Centre Business Park, is fully leased to global communications conglomerate Comcast and is built out as a state-of-the-art call and operations center for its 700+ employees. The 92,000-square-foot building sits on an 11-acre site, with 650
parking spaces for the tenant and the ability to build a second building of equal size in the future.
Comcast has leased the property since 2017.

“Securing this Class A property for the buyer marks the second off-market transaction we’ve delivered to them in less than a year, totaling more than $52 million,” said Medwin. “As more investors flock to the area due to the industrial market’s strong performance, it’s becoming increasingly difficult to find warehouse owners looking to sell, especially when it comes to fully leased properties such as this.”

According to Newmark Research, investment sales of industrial assets in South Florida have increased from one year ago, with 24 sales totaling over 1.6 million square feet for a combined total of $232.7M over the past year. This was up from the 961,000 square feet sold for $129.8M from the prior year (I feel like this should have more specific timeframes associated w the stats) as demand for industrial investment properties remained bullish.

The average sale price for investments ticked upward to $139 per square foot from the $135 per square foot recorded one year ago.

The subject property was developed in 2000 and features a raised floor, a fitness center, an onsite cafeteria with indoor and outdoor seating, hurricane-resistant construction, full generator backup, and 650 surface parking spaces. In the future, a second building of equal size can be constructed on the surplus land. The building is located just north of the Interstate 75 and Miramar Parkway interchange and allows the tenant to draw from the diverse and talented workforces in Miami-Dade and Broward counties.

Source: South Florida Business Journal, The Real Deal, CRE-sources

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