Oct
04
Miami Medical Office Building Trades for $11M
ByThe nine-story property underwent a $2.1 million capital improvement program that repositioned the asset and boosted occupancy to nearly 70 percent.
Cushman & Wakefield negotiated the disposition of 50Forty on 7th, an 82,763-square-foot medical and professional office building in Miami’s Airport West Submarket. TMSA Altis 5040 LLC, an entity affiliated with a Montreal-based investment fund, sold the asset to Israeli investor Netz U.S.A. LLC in a $10.9 million deal, or $132 per square foot.
Located at 5040 NW 7th St., on a 1.76-acre site, the nine-story building was developed in 1986 and features a structured parking deck. 50Forty on 7th underwent a $2.1 million renovation program after the previous owner acquired the lender-owned and nearly vacant asset from Citizens Bank in 2013. The repositioning strategy boosted the property’s occupancy to approximately 70 percent. Notable tenants include the City of Miami’s Internal Affairs Department, Career Source and Borinquen Medical Centers…
