The Real Deal Miami

Fifteen Group grabs downtown FedEx property

Miami company pays $19M for 86,000-square-foot building on 1.3 acres
July 17, 2014 01:30PM

FedEx building in downtown Miami

FedEx building in downtown Miami

The downtown Miami building occupied by FedEx was acquired by a Fifteen Group company for $19 million.

BDG 200 South Miami Avenue sold the 1.3-acre site to Fifteen 200 South Miami, according to a written statement from CBRE, which arranged the transaction. The 200 South Miami Avenue property is adjacent to a Metromover station. A four-story, nearly 86,000-square-foot building is located on the parcel.

CBRE received interest from both developers and “investors seeking in-place yield,” according to senior vice president Gerard Yetming. The firm’s Robert Given, Zachary Sackley and Calum Weaver joined Yetming in representing the seller.

“With six large and transformative urban infill developments slated for the Greater Downtown area, 200 South Miami is at the core of one of the most vibrant real estate markets in the country.”

FedEx is in its 15th year at the building, according to Thursday’s written announcement from Fifteen Group.

“This was a unique opportunity to acquire an asset in a central location with a high-quality tenant, a strong in-place yield and tremendous potential,” Fifteen Group co-founder and principal Mark Sanders said.

Another Fifteen Group company sold a Midtown assemblage for $12.3 million last week. — Eric Kalis