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Two Prominent Office Properties Hit the Market in South Florida

Owners of The Landing at MIA, 1 E. Broward Blvd. in Line for Potentially Big Profits
May 3, 2018

CBRE is marketing two signature office properties in South Florida that brokers expect will fetch substantially more than their previous sale prices.

The Landing at MIA, a 50-acre business park adjacent to Miami International Airport, could command close to $250 million – nearly twice what it last sold for, sources say.

Los Angeles-based CBRE Global Investors bought The Landing four years ago from Hines REIT Inc. for $132.5 million, or about $130 per square foot, according to CoStar data.

The complex at 7200-7665 Corporate Center Dr., built between 1982 and 1996, totals more than 1 million square feet. It has 11 buildings and a 5.5-acre development parcel. The largest tenants include Norwegian Cruise Line, its parent NCL Corp. and United Health Group.

A broker who toured the park said CBRE Global has invested tens of millions of dollars in renovations and additions, including a food court, fitness center and other amenities.

“They’ve unlocked a lot of the value,” said the broker, who spoke on condition of anonymity. “They will see great, great appreciation.”

CBRE’s Miami office handles leasing and marketing of The Landing. Brokers for the firm could not immediately be reached for comment Thursday.

Also for sale is 1 East Broward Blvd., a 4-Star office building in downtown Fort Lauderdale that may trade for more than double its previous sales price of $42 million.

Montvale, NJ-based Ivy Realty Services LLC has also retained CBRE to market the 19-story building, which it purchased in 2011 from One Broward Blvd Holdings LLC, CoStar data shows.

The 351,705-square-foot tower is 91 percent occupied and is the closest office building to the new Brightline commuter train service’s Fort Lauderdale station, says a person who has reviewed the confidential offering memorandum.

The largest tenants include Kemet Corp., Becker & Poliakoff and Quintairios Prieto Wood & Boyer.

Jonathan Kingsley, an executive vice president of Colliers International South Florida, said Ivy likely will get more than $300 a square foot. During its ownership, Ivy has seen rents increase from $15 per square foot to nearly $27 or $28, Kingsley noted.

“They bought it right and put a tremendous amount of capital and effort into rehabilitating and re-tenanting the building,” he said.

Paul Owers, South Florida Market Reporter  CoStar Group   
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