The Real Deal Miami

Israeli investment firm buys office building near Miami International Airport

Nine-story building traded for about $132 psf
October 04, 2017 10:30AM

50Forty on 7th, From left: Scott O’Donnell, Dominic Montazemi, and Miguel Alcivar (Credit: Kushman & Wakefield)

An Israeli investment firm just paid $10.9 million for an office building near Miami International Airport, according to a release.

Netz U.S.A. LLC bought the 82,763-square-foot building from Montreal, Canada-based entity TMSA Altis 5040 LLC. The nine-story building, 50Forty on 7th, at 5040 Northwest 7th Street, traded for about $132 per square foot.

Records show the seller bought the property out of foreclosure in 2013 for $5.7 million from First Citizen’s Bank. Since then, the seller invested more than $2 million in renovations and improvements, according to the release.

Cushman & Wakefield’s Scott O’Donnell, Dominic Montazemi and Miguel Alcivar, and Frank Guerra of Altis Cardinal, LLC, represented the seller.

50Forty on 7th, built in 1986, sits on 1.76-acre lot. The property is near Waterford at Blue Lagoon Corporate Park and the Dolphin Expressway.

Tenants include the city of Miami’s Internal Affairs Department, Career Source and Borinquen Medical Centers. The property is currently 70 percent leased, according to the release.

Netz U.S.A LLC is a U.S. subsidiary of the Netzgroup Ltd., a publicly traded Israeli company that owns and manages more than 4,000 apartments and eight office buildings throughout the United States, according to its website.

The trade was among a number of deals that were delayed because of Hurricane Irma, according to the release. The property was originally scheduled to close in September. Delays could be a result of lenders requiring re-inspection of properties under contract. –Amanda Rabines