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

Miami /
Jun.June 28, 2018 02:30 PM

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. 


Related Articles

arrow_forward_ios
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
arrow_forward_ios

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

Loading...