Genesis paid Corporate Properties Holdings Inc. $53.5 million or$137.06 per sf for the asset at 110 SE 6th St. Corporate Propertiesis a wholly-owned subsidiary of AutoNation.
Although the total price is a one-building record for BrowardCounty, on a per sf basis it is in line with recent sales in themarket, according to industry sources. The price might even be atthe lower end of the spectrum if this were a straight sale and nota sale-leaseback.
As part of the transaction, Cushman Wakefield's Miami office,which negotiated the sale, also arranged for the seller to leaseback the entire building for 10 years. No dollar figures for thelease were released but comparable Downtown space rents average$27.53 per sf gross. That would bring the aggregate value of theleaseback to more than $100 million.
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