CBRE arranged the sale and financing of a 126,004-square-foot, bank-anchored office building, 9,249 sq. ft. retail strip center and standalone CVS drug store located on an 8.71-acre site in Miami, Florida. Flagler West Corporate Park | The Centre at the Waterways was acquired from Nationwide Theatres West Flagler, LLC, for $25m by Flagler West Corporate Center, LLC. CBRE represented the seller in the transaction. For the buyer, CBRE Debt and Structured Finance originated an $18.75 million CMBS loan and a $2m mezzanine loan. The loans are non-recourse, have 10-year terms and several years of interest-only payments.
“In addition to enjoying a strong identity by virtue of its hard corner location at a highly traveled intersection, the property benefits from the robust surrounding residential density and explosive projected growth – 7.43% within one mile over the next four years,” said Miguel Alcivar, Senior Associate, CBRE Investment Properties.
The mixed-use property was 85% leased. Since developing the drug store in 2007 and retail strip center in 2008, the previous ownership group invested more than $1.9m in a comprehensive modernization of the office property (built in 1980). Interchanges for both the Palmetto Expressway (826) and the Dolphin Expressway (836) are located within one mile.
