Metro Capital Partners has closed on its sale of the Tamiami Metro office building in Miami to an Argentinian investment group for $7.9 million. Located at 134th Ave, the two-story office building offers 39,069 sqf of rentable space. The property was completed in 2007 as the subprime crisis swept the country, but was foreclosed on before the interior could be built out. It sat unfinished until Metro Capital Partners bought it for $3.2 million and completed the build-out in 2014. Marcus & Millichap’s Alex Zylberglait, Senior Managing Director Investments, and Francisco Baserva, Associate, brokered the sale on behalf of both parties.
Unlike in past real estate cycles, cross-border transactions in Miami-Dade County have skyrocketed in the commercial real estate sector. Data compiled from Real Capital Analytics, RCA, shows Miami-Dade saw at least $984.7 million worth of cross-border commercial real estate deals in the first six months of 2017. Last year, RCA estimated at least $1.88 billion worth of cross-border CRE transactions. The biggest jump in cross-border CRE deals occurred in 2015, when at least $2.32 billion worth of deals took place, up from $468.1 million in 2014.
āThis deal highlights foreign investorsā growing appetite for cash-flowing commercial real estate assets,ā Zylberglait said. āForeign investors have realized that South Floridaās commercial real estate is a safe place where they can preserve and grow their capital amid political or economic instability in their countries. Between the assetās appreciation and the cash flow, the rate of return in well-positioned leveraged commercial properties can be north of 15 percent.ā
