The Real Deal Miami

TA Realty sells Kendall office park to Cofe Properties for $34M

Property is 73% leased to BB&T, Keller Williams, Quest Diagnostics, Wells Fargo and others
June 28, 2018 02:30PM

Jason Hochman and Miguel Alcivar, partners of Cushman & Wakefield’s South Florida Capital Markets Team with the Kendall Summit Office Park

Cofe Properties just bought a six-building office park in Kendall for $34.75 million from TA Realty.

The Miami-based commercial real estate firm paid about $200 per square foot for the 174,000-square-foot property known as the Kendall Summit Office Park for $200 per square foot at 11400 to 11440 North Kendall Drive. It secured a $26 million non-recourse loan from an unnamed lender to finance the purchase, according to a press release.

Cushman & Wakefield’s Miguel Alcivar, Mike Davis, Dominic Montazemi, Scott O’Donnell, Greg Miller, Rick Brugge and Michael Lerner represented Boston-based TA Realty, and Cushman’s Jason Hochman arranged the financing. The loan provided funds at closing and additional proceeds for future property renovations and leasing costs, according to the release.

The six-building Kendall Summit Office Park was developed between 1984 and 1989 on 8.16 acres near North Kendall Drive and Southwest 117th Avenue.

The medical and professional office park was 73 percent occupied at the time of sale, according to Cushman. Tenants include BB&T, Keller Williams, Quest Diagnostics, Wells Fargo, Claims & Risk Management Services, LLC and Greenberg Trial Lawyers.

In January, Cofe paid $32.5 million for 41 warehouses totaling 376,000 square feet in Hialeah, which it also bought from an affiliate of TA Realty.

In Miami-Dade County, the overall office vacancy rate in the first quarter of this year was 13.5 percent, while rents were $37.77 per square foot, according to JLL.