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MIAMI-Local investors Scott Silver and Fredric Garvett closed on their contract to buy the former Burger King world headquarters, an 80-acre property in the city, for $18.5 million, on Oct. 15. The property, located at 17777 Old Cutler Rd., includes three buildings totaling 300,000 sf. The property fronts Biscayne Bay.

The investors bought the facilities from New Cutler Bay Corp. and plan to lease it out. The rental range there is quoted at $18 to $22 per sf. In a statement, Silver says he is about to secure two major leases for the 220,000-sf, four-story main building and the 51,000-sf, two-story middle-sized building. In addition, Silver is in negotiations with the newly formed City of Palmetto Bay to house its government offices in the third, 34,000-sf, three-story building. If that deal closes, Silver plans to rename the entire property Palmetto Bay Village Center. The property also includes 800 parking spaces, mostly covered.

“I am ecstatic about the opportunity to transform one of South Florida’s most prestigious pieces of real estate into a thriving economic hub for Palmetto Bay and this area,” Silver says. “We have been encouraged by the positive response from the residents and from the business community. Clearly, our vision for this property was right on target.”Hank Klein, vice chairman of Codina Realty Services Inc. Oncor International, and Keith O’Donnell, director of the Palm Beach division for Codina Realty Services, represented New Cutler Bay Corp. Abood Wood-Fay Real Estate Group continues to be the property’s exclusive leasing agent.

The property was damaged in 1992 by Hurricane Andrew but was refurbished to code in a two-year rebuilding process. Burger King occupied the facilities until 2002, when its lease expired, and at which time the company downsized to a different location.

Before the recent purchase, the property remained unoccupied but was fully maintained. The property has been for sale since 1999, according to a Codina Realty Services spokeswoman. At that time, it was listed for $30 million. The price later was reduced to $25 million.

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