AAAA sold its existing 280,000-sf building in the Gratigny Central submarket to San Francisco-based AMB Property Corp. for $16.5 million, or $58.93 per sf. One tenant is remaining in the building, and AMB enlisted Smith, Wayne Ramoski, a C&W senior director, and Audley Bosch, an associate in the same office, to lease up the 127,000-sf space vacated by AAAA. "We secured a tenant," Smith says. Without disclosing the aggregate value of the lease, he says the asking rent rate was $5.95 per sf and the building is fully leased.

Meanwhile, instead of renting space in the class A warehouse at 11150 NW 92nd Terrace in Flagler Station from New York City-based W.P. Carey, AAAA acquired the 248,000-sf building from Carey for $17.9 million, or about $72.18 per sf. AAAA is occupying 136,000 sf as its new headquarters in the Medley submarket, and it enlisted C&W to lease up the rest.

The team inked a lease for 56,000 sf to Banks Hardwoods, and Smith says it is currently in negotiations for the remaining 56,000 sf to take it to 100% occupancy. "This is a class A building in a prime business park. The asking rent rate is $7.25 per sf. It was a complicated sequence of transactions," he adds, "but it made good financial sense for AAAA and each of the others involved." For C&W, the series of related sales and leasing agreements totaled in excess of $44 million in transactions.