June 2, 2021 12:00 PM
Newmark announces the $30M sale of 15800 SW 25th Street, Miramar, FL. In an off-market transaction, the asset was sold by 15800 Building LLC to an undisclosed institutional buyer. Newmark’s Executive Managing Directors Steve Medwin and Nick Wigoda, along with Managing Director Alan Long, were the sole brokers on the transaction.
The industrial building, located within Miramar Centre Business Park, is fully leased to global communications conglomerate Comcast and is built out as a state-of-the-art call and operations center for its 700+ employees. The 92,000-square-foot building sits on an 11-acre site, with 650 parking spaces for the tenant and the ability to build a second building of equal size in the future. Comcast has leased the property since 2017.
“Securing this Class A property for the buyer marks the second off-market transaction we’ve delivered to them in less than a year, totaling more than $52 million,” said Medwin. “As more investors flock to the area due to the industrial market’s strong performance, it’s becoming increasingly difficult to find warehouse owners looking to sell, especially when it comes to fully- leased properties such as this.”
According to Newmark Research, investment sales of industrial assets in South Florida have increased from one year ago, with 24 sales totaling over 1.6 million square feet for a combined total of $232.7M over the past year. This was up from the 961,000 square feet sold for $129.8M from the prior year (I feel like this should have more specific timeframes associated w the stats) as demand for industrial investment properties remained bullish. The average sale price for investments ticked upward to $139 per square foot from the $135 per square foot recorded one year ago.
The subject property was developed in 2000 and features a raised floor, a fitness center, an on- site cafeteria with indoor and outdoor seating, hurricane-resistant construction, full generator backup, and 650 surface parking spaces. In the future, a second building of equal size can be constructed on the surplus land. The building is located just north of the Interstate 75 and Miramar Parkway interchange and allows the tenant to draw from the diverse and talented workforces in Miami-Dade and Broward counties.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.