X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIRAMAR, FL-A New York City-based private investor has acquired a 49,650-sf office building at 2901 SW 145th Ave. for $14 million. A joint venture of New York City-based Falcon Real Estate Investment Co. and a Kuwaiti-based institutional investor were the sellers.

The joint venture had acquired the building after it was constructed in 2003. The property is located on 8.2 acres and is 100% occupied by Miami-based Royal Caribbean Cruise Lines, which is using it for call center operations. The property has a 10-to-1 parking ratio and a floor plan that is conducive to call center operations.

When the joint venture initially acquired the property, it was occupied by Delta Airlines. The airline vacated the property in September 2006 after declaring bankruptcy. The 10-year lease negotiated with Royal Caribbean Cruise Lines started in April 2007. Falcon Real Estate executive vice president Scott Sweeney that the building’s location and strong and is unique in its call center configuration. “When we acquired it from Delta, we knew the company was having problems,” Sweeney says. “But we knew that, even if Delta vacated the space, we could find another strong tenant.”

The joint venture worked to close the deal prior to the end of 2007 in anticipation of a cooling down of the investment markets in 2008. “We believed that selling the property with the longest possible lease term remaining maximized its value, and the achieved price of $282 per sf compared very well with other transactions during the year,” says Sweeney.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.