CBRE arranged the sale and financing of a 126,004-square-foot bank-anchored office building, 9,249-square-foot retail strip center and standalone CVS drug store located on a 8.71 acre site at the intersection of West Flagler Street and SW 87th Avenue in Miami, Florida. Flagler West Corporate Park | The Centre at the Waterways, located at 8700-8750 W. Flagler Street, was acquired from Nationwide Theatres West Flagler, LLC, for $25 million by Flagler West Corporate Center, LLC. CBRE represented the seller in the transaction. For the buyer, CBRE Debt and Structured Finance originated an $18.75 million CMBS loan and a $2 million mezzanine loan. The loans are non-recourse, have ten-year terms and several years of interest-only payments.
“In addition to enjoying a strong identity by virtue of its hard corner location at a highly traveled intersection, the property benefits from the robust surrounding residential density and explosive projected growth – 7.43% within one mile over the next four years,” said Miguel Alcivar, Senior Associate, CBRE Investment Properties.
CBRE Vice President Jason Hochman added, “Our client was looking to maximize loan proceeds for this acquisition. We sourced and delivered a combination of loans arriving at 83% of the purchase price with a low combined interest rate which is locked for 10 years. Our client can now enjoy the cash flows as he improves the property and leases additional space.“
The mixed-use property was 85% leased. Since developing the drug store in 2007 and retail strip center in 2008, the previous ownership group invested more than $1.9 million in a comprehensive modernization of the office property (built in 1980). Interchanges for both the Palmetto Expressway (826) and the Dolphin Expressway (836) are located within one-mile, allowing for expedited commutes within 15 minutes to major points of interest throughout South Florida.
Miguel Alcivar and Scott O’Donnell of CBRE’s Investment Properties team, Jason Hochman of Debt & Structured Finance, and David Donnellan and Todd Weintraub of CBRE’s South Florida Retail Investment team, arranged the transaction.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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