Lalezarian Properties has picked up 1.2 acre infill site in downtown Miami for $37.25 million. Located at 200 South Miami Avenue, the property houses a 109,637 square foot, last mile distribution center currently leased to FedEx. The six story facility was built for FedEx in 1999, which recently signed a new 12-year, triple-net lease at the property. The concrete block building features 16 foot ceiling heights, 199 parking spaces and extensive frontage along South Miami Avenue and SW 2nd Street.
The new owner has plenty of option for the future of the asset. Current zoning regulation will allow for redevelopment for nearly 2 million gross feet of mixed-use space, including a roughly 80-story, tower for 1,200 units. It could also be repurposed for other commercial uses such as office, retail and storage. Cushman & Wakefield represented the seller Miami-based investor Fifteen Group in the disposition.
“This transaction is an excellent example of what Fifteen Group has been doing for years — acquiring undervalued assets and creating value through aggressive asset management,” said Justin Toal, Chief Investment Officer and Senior Principal at Fifteen Group. This is a highly desirable, urban-core location with in-place entitlements for high-density projects. In the interim, the new owner has an investment grade tenant.”
