Miguel Alcivar, Dominic Montazemi and Scott O’Donnell Negotiated the Disposition of the ±83,000-Square-Foot Office Building on Behalf of TMSA Altis 5040 LLC
MIAMI, October 4, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of 50Forty on 7th, an 82,763-square-foot mid-rise office building in Miami’s Airport West Submarket.
Cushman & Wakefield Director Miguel Alcivar, Managing Director Dominic Montazemi and Executive Director Scott O’Donnell, working in conjunction with Frank Guerra of Altis Cardinal, LLC, represented TMSA Altis 5040 LLC, an entity affiliated with a Canadian fund based in Montreal, in the disposition. Israeli investor Netz U.S.A. LLC acquired the asset for $10.9 million ($132 per square foot).
50Forty on 7th is a nine-story medical and professional office building with a structured parking deck developed in 1986 on a 1.76-acre site. The property is strategically located at 5040 NW 7th Street just south of Miami International Airport, Waterford at Blue Lagoon Corporate Park and the Dolphin Expressway, providing direct access to Coral Gables and the University of Miami.
The seller acquired the nearly vacant, lender-owned asset from First Citizen’s Bank in 2013, and successfully implemented a repositioning strategy that boosted the property’s occupancy to nearly 70 percent after undergoing $2.1 million in capital improvements. Notable tenants secured at the property include the City of Miami’s Internal Affairs Department, Career Source and Borinquen Medical Centers.
“Lease up and value creation went according to plan. We are pleased to have successfully closed out this investment opportunity despite difficulties at closing created by Hurricane Irma,” said Guerra.
The property was originally scheduled to close on September 15, but the closing was delayed by the storm.
“50Forty on 7th represented a unique opportunity to acquire a rare value-add office building in the highly desirable Airport West submarket,” said Alcivar. “The property’s central location, ease of access and relative value compared with similar assets in surrounding submarkets provide a competitive advantage for new ownership. Despite the uncertainty and disruption caused by the hurricane, the buyer and seller were able to effectively navigate around the challenges presented to advance the sale.”
The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Greg Miller and Jason Hochman have closed more than $625 million in sales and financing over the last 18 months. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.