Kendall Summit Office Park Trades For $200 PSF

Written by on 06.28.18 in Commercial Real Estate, Office - No comments

Cushman & Wakefield has negotiated the sale and financing of Kendall Summit Office Park, a six-building office campus in the dense Kendall micro-market of Miami-Dade County.

The Cushman & Wakefield Capital Markets team of Miguel AlcivarMike DavisDominic MontazemiScott O’DonnellGreg MillerRick Brugge and Michael Lerner negotiated the sale on behalf of Boston-based TA Realty. Miami-based COFE Properties acquired the 173,661-square-foot office park for $34.75 million, or $200 per square foot.

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 provided funds at closing and additional proceeds for future property renovations and leasing costs.

Kendall Summit Office Park was developed between 1984 and 1989 and comprises six buildings ranging between one and four stories at 11400–11440 North Kendall Drive.

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 was developed on 8.16 acres near the intersection of North Kendall Drive and SW 117th Avenue. This location is adjacent to The Palms at Town & Country, a 677,000-square-foot destination lifestyle center. The property is ideally positioned near Florida’s Turnpike and the Don Shula and Snapper Creek Expressways, allowing Kendall Summit Office Park to effectively service the densely populated Kendall micro-market and the greater Miami MSA.

 

Source:  CRE-sources

 

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