City of Opa-Locka acquires asset for $7.9 million
Miami, FL – June 2, 2015 – CBRE arranged the sale of Town Center I in Opa-locka, Florida. The 80,000-square-foot mixed use asset was acquired from JWV Florida Properties LLC by the City of Opa-Locka for $7.9 million. CBRE represented the seller in the sale.
“The City of Opa-Locka was the perfect strategic buyer for the asset as it allows them to consolidate various municipal departments under ‘one roof’ in roughly 40% of the building, generate revenues by leasing the balance of the property to multiple tenants, and catalyze the growth and transformation of the Central Business District,” said Senior Associate Miguel Alcivar of CBRE Investment Properties.
The four-story, mixed-use office building with ground floor retail is located at 780 Fisherman Street in the heart of the City of Opa-locka’s Central Business District (CBD). Built in 2004, the transit-oriented property is situated on 0.48-acres of land within footsteps of municipal offices and across the street from a Tri-Rail station. In addition to being strategically located within a Miami Enterprise Zone, which grants the property a competitive advantage in attracting tenants, the centrally located property connects with most of Miami’s major highway systems and the Opa-locka Airport within 4 miles. The property features professional office finishes, sprinklers, T-1 high speed connectivity, a 250 kw natural gas generator, and a 16-camera digital surveillance security system.
Mr. Alcivar collaborated with CBRE’s Scott O’Donnell, Dominic Montazemi, Jason Hochman and Greg Miller from CBRE’s South Florida Commercial Investment Properties team, and Jeff Livingston from the CBRE/New England office.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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