Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Michael Lerner and Rick Brugge Represented the Seller in the Disposition of the Six-Building Flex Campus
DORAL, FL, January 22, 2018 — Cushman & Wakefield has negotiated the sale of Transal Park, a six-building flex campus in Miami-Dade County.
The Cushman & Wakefield Capital Markets team of Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Michael Lerner and Rick Brugge, in conjunction with Cushman & Wakefield leasing partners Wayne Ramoski and Gian Rodriguez, negotiated the disposition on behalf of the seller. SVF Acquisitions, LLC purchased the asset for $22.8 million ($170 per square foot).
Transal Park comprises six one-story buildings totaling 134,175 square feet on a 10.4-acre site at 8200 – 8290 NW 27th Street. The buildings offer flexible bays with a combination of direct-access front office and rear warehouse with grade-level entries to truck courts. Other features include tenant signage, on-site security, a restaurant and a parking ratio of 3.6 spaces per 1,000 rentable square feet.
The property was 88 percent leased at the time of sale. Notable tenants include United States Medical, South Florida Health Management, Office Bargain Center, Encore Optical, Miami Vet Center and Doral Digital Reprographics.
The highly visible campus offers 1,100 feet of frontage along NW 25th Street at a signalized intersection with NW 82nd Avenue. Transal Park also provides convenient access to the Palmetto Expressway and Miami International Airport.
Transal Park also offers the potential for future redevelopment, with a liberal zoning designation allowing for a variety of industrial, office, retail and hospitality purposes.
“Transal Park’s central location, ease of access and highly functional bays have historically driven leasing activity among users seeking flexible office space with warehouse functionality as well as those seeking relative value vis-à-vis escalating traditional office rates,” said Alcivar. “The combination of good in-place cash flow, short-term leases and a sizable 10.4-acre site with flexible zoning at a strategic corner in Doral, attracted tremendous interest from a range of buyers with varying investment strategies, including future redevelopment.”
Added Davis, “Transal Park’s prime infill location is one of its biggest advantages. Doral has evolved into an international mixed-use urban center and the NW 25th Street Corridor, in particular, continues to transform due to a wave of redevelopment. The confluence of nearby, transformative mixed-use developments; Jackson Health Care Systems’ new campus; a growing population; prime exposure on a highly traveled corridor; and flexible zoning presented a generational opportunity to acquire a well-performing asset with a myriad of future redevelopment possibilities.”
About Cushman & Wakefield
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David A. Meyer
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