Kendall Summit Office Park is located on 8.16 acres near the intersection of North Kendall Drive and SW 117th Ave. and is adjacent to The Palms at Town & Country, a 677,000-square-foot destination lifestyle center. Kendall Summit Office Park is located on 8.16 acres near the intersection of North Kendall Drive and SW 117th Ave. and is adjacent to The Palms at Town & Country, a 677,000-square-foot destination lifestyle center.

MIAMI—COFE Properties of Miami has acquired the six-building Kendall Summit Office Park here from Boston-based TA Realty for $34.75 million.

The deal for the 173,661-square-foot office park calculated out to approximately $200-per-square-foot. The Cushman & Wakefield Capital Markets team of Miguel Alcivar, Mike Davis, Dominic Montazemi, Scott O’Donnell, Greg Miller, Rick Brugge and Michael Lerner negotiated the sale on behalf of TA Realty.

Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted COFE Properties in securing a $26-million non-recourse acquisition loan with a low interest rate. The loan financing provided funds at closing and additional proceeds for future property renovations and leasing costs, C&W states.

The medical and professional office park was 73% occupied at the time of sale. Notable tenants include BB&T, Keller Williams, Quest Diagnostics, Wells Fargo, Claims & Risk Management Services, LLC and Greenberg Trial Lawyers.

Kendall Summit Office Park is located on 8.16 acres near the intersection of North Kendall Drive and SW 117th Ave. and is adjacent to The Palms at Town & Country, a 677,000-square-foot destination lifestyle center.

“Kendall Summit Office Park represents a unique opportunity to acquire and reposition a well-located, functional office campus of scale in Miami with coveted Kendall Drive exposure and favorable micro-market office fundamentals to achieve attractive value-add returns,” says C&W’s Alcivar.

He adds that the office park offers the new ownership “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.”