Fifteen Group sells FedEx’s downtown Miami facility for $37M

Building is net-leased to FedEx until 2029, and could be redeveloped into 2M square feet

TRD MIAMI /
Jul.July 06, 2017 10:30 AM

200 South Miami Avenue

Miami-based Fifteen Group just sold FedEx’s downtown Miami building for $37.25 million, nearly double what the investment firm paid in 2014.

Fifteen Group sold the 110,000-square-foot “last mile” logistics facility at 200 South Miami Avenue after putting it on the market earlier this year with Cushman & Wakefield’s Robert Given.

The buyer was not disclosed and the sale has not yet been recorded online. The deal breaks down to about $340 per square foot.

The building is net-leased to FedEx until 2029 with a five-year renewal option. Starting in 2019, rent will be $14.82 per square foot, triple-net, with 2.5 percent increases each year thereafter, according to listing information.

Fifteen Group, led by Mark and Ian Sanders, purchased the site for $19 million in 2014, property records show. The building was built in 1999.

The 1.4-acre property could also be redeveloped. Current zoning allows for 2 million square feet and up to 1,395 units. Justin Toal, chief investment officer and senior principal, said in a statement that the firm was “able to negotiate a long-term extension with FedEx at an attractive rent and subsequently offer an excellent product to the investment market.”

The same year it acquired the FedEx building, Fifteen Group paid $14.25 million for a former Christian Science church at 256 Northeast 19th Street, on which it has sought to build a garage or condominium on top or alongside the church. Also in 2014, it sold a Midtown Miami land assemblage for $12.3 million. – Katherine Kallergis


Related Articles

arrow_forward_ios
Rendering of the project and Russell Galbut

Crescent Heights buys out partner on two downtown Miami sites

Crescent Heights buys out partner on two downtown Miami sites
Harvey Hernandez, Centro Condo

Harvey Hernandez sued over delinquent loan for downtown Miami condo project

Harvey Hernandez sued over delinquent loan for downtown Miami condo project
Paul Pogba and One Thousand Museum (Credit: Laurence Griffiths/FIFA via Getty Images)

Manchester United’s Paul Pogba joins Beckham at Zaha Hadid condo tower

Manchester United’s Paul Pogba joins Beckham at Zaha Hadid condo tower
Bruce Lunsford and One Thousand Museum (Credit: Mandy Dixon/Wikipedia, and One Thousand Museum)

One Thousand Museum unit heads to the auction block

One Thousand Museum unit heads to the auction block
Clockwise from top left: Sugarcane Raw Bar & Grill at 3252 Northeast 1st Avenue, Gates Hotel at 3824 North Roosevelt Boulevard, 24 North Hotel at 3820 North Roosevelt Boulevard and Holiday Inn Port of Miami Downtown at 340 Biscayne Boulevard (Credit: Google Maps, Booking.com)

Sugarcane, Holiday Inn in Miami lay off 165 people

Sugarcane, Holiday Inn in Miami lay off 165 people
Marinablue (Credit: Google Maps)

Miami condo tower shuts down amenities due to confirmed coronavirus case

Miami condo tower shuts down amenities due to confirmed coronavirus case
Russell Galbut and Harvey Hernandez, with Natiivo

Office condos planned at Russell Galbut and Harvey Hernandez’s Natiivo

Office condos planned at Russell Galbut and Harvey Hernandez’s Natiivo
Rendering of Grand Station project, Oscar Rodriguez, Alex Rodriguez, and Ricardo Vadia (Credit: Michael Loccisano/Getty Images)

Grand Station tower project in downtown Miami scores $53M loan

Grand Station tower project in downtown Miami scores $53M loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...