The Value-Add Assets are Located in Miami’s Evolving Allapattah Neighborhood
MIAMI, July 19, 2019 – Cushman & Wakefield has arranged the sale of Bank of America Center in Miami’s emerging Allapattah neighborhood for $7.7 million. This is the third of three value-add assets sold for this owner since 2018, which together totaled $17.6 million. Bank of America Center is located within a Qualified Opportunity Zone, offering potential benefits for the new owner.
The Cushman & Wakefield Capital Markets team of Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz represented the Miami-based Seller, an investment group affiliated with the principals of Golden Sands, in all three transactions. Scott Sime of Sime Realty Corporation represented the buyer.
New York-based Edenderry Properties, LLC acquired Bank of America Center for $7.7 million. The prominent, six-story, 68,174-square-foot office building is located at 1313 NW 36th St. The property is 88.8% leased to a mixture of retail and office tenants, including Bank of America and the Miami-Dade State Attorney.
Edenderry Properties, LLC previously acquired the Centennial Express Building, a 33,339 square foot commercial building at 1251 NW 36th Street, in March of 2018. The property is directly to the east of Bank of America Center.
A local private investor acquired the Centennial Interiors Building, a 27,807 SF flex building located at 1400 NW 36th Street, for $3.9 million in May of 2019.
The three properties are located within blocks from each other along NW 36th Street, a main east-west artery that connects to trendy neighborhoods like Wynwood to the east and Miami International Airport and Doral to the west. The location also provides great public transit connectivity throughout Miami via the Metrorail and Metrobus stops within walking distance.
“Allapattah is an emerging urban neighborhood with a central infill location, unique economic drivers and exceptional public transit access that clearly position it within the path of development. Offering relative value compared to other more established neighborhoods like Wynwood, Allapattah continues to experience a flurry of investment activity from investors looking to stake their claim early,” said Alcivar.
“Bank of America Center’s location within an Opportunity Zone made it particularly appealing, as it offered an opportunity for an investor to take advantage of future tax savings by adhering to the program’s guidelines.”
The nationwide Opportunity Zone program is designed to spur economic development by providing tax benefits to investors in economically distressed communities. In a recent Cushman & Wakefield analysis, Miami ranked as one of the top 25 markets poised to benefit from Opportunity Zone investment.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida