SVN Negotiates Sale Of South Dade Office Building

Oct 29, 2015 No Comments by

SVN, a Boston-based commercial real estate brokerage firm focused on providing strategic real estate advice, announced that its Miami office executed the sale of a 35,872-square-foot office building, with 25,377 rentable square feet.

11285 SW 211th StreetSenior Advisor Carlos Ruiz represented the seller, Cutler Ridge Ventures, who built the building in 2008 and were able to properly manage the building, selling it at 100% occupancy. The office building, located at 11285 SW 211th Street in Miamiwent under contract in under 3 months and sold for $5.3 million thanks to an aggressive marketing strategy.

The SVN platform ensures that in-house listings are marketed to the entire brokerage and investment community and as a result, attract a substantial amount of investor attention.

SVN reported multiple offers on the property due to the fact that the building was 100% leased with an impressive tenant roster including the Florida Department of Education and the AARP.

This transaction proves the marketplace will pay a premium for stabilized quality office product in primary markets.

The 1031 exchange buyer, First American Exchange Company out of Ft Lauderdale, underwrote a 7% cap rate at 100% occupancy, with 3% management fees and a real estate tax assessment to 80% of the purchase price. The buyer obtained favorable financing with First National Bank of South Florida.

 

“Our intent is to make the marketing process easy for Buyers and Brokers. Access to information is made easily available, allowing everyone ready, willing and able to participate in the offering process,” said Ruiz. “Cooperating Brokers are always protected and their clients are always welcome. This ensures a competitive bidding environment, producing the highest and best price, terms and conditions.  Maximum cooperation equals maximum price…It’s the Sperry Van Ness Difference.”

Ruiz was able to effectively and strategically market the property, and within 3 months, had multiple competitive offers. By doing so, he was able to find the highest and best buyer, who was represented by Shlomo Chelminsky of King Real Estate.

Over the years, Ruiz has cultivated a relationship with the owners, recognizing him as a trusted advisor. They turned to him for strategic commercial real estate advice and his market aptitude, resulting in the exclusive listing and quick sale of the office building. Currently, he is also exclusively marketing a mutli-tenant warehouse portfolio, in South Dade, for the ownership group.

 

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