Former Kingsway Amigo Insurance Building Sold to User
Miami, FL v CBRE arranged the sale of a 54,985-square-foot, three-story corporate headquarters in Miami’s Airport West submarket. Kingsway Amigo Insurance Company’s former South Florida headquarters at 3155 NW 77th Avenue was acquired for $4.7 million by local user. CBRE represented the seller in the transaction. Robert Eckstein from NAI Miami represented the buyer.
“While marketed to both investors and users, the property ultimately traded to a buyer who valued the visibility, location and functionality of the asset,” said CBRE Senior Associate Miguel Alcivar.
CBRE Vice President Ryan Ackerman added “this transaction is indicative of the strong desire among users to purchase their own properties in order to lock in long term occupancy costs at relatively attractive bases, especially while financing costs are still at historic lows. The new owner plans to consolidate various businesses more efficiently under one roof.”
Constructed in 1990 and renovated in 2003, the fully-sprinklered property features a gated entrance, a cafeteria, high-speed connectivity, and a structured parking garage which contributes to an above-market parking ratio of six for every 1,000 square feet. The facility is also “hurricane-ready” with an on-site back-up generator. Situated on 2.79 acres of land, the asset enjoys access to and exceptional visibility along the Palmetto Expressway, with an average daily traffic count in excess of 205,000 vehicles.
Ryan Ackerman and Dan Bessey from CBRE’s Office Services group collaborated with Miguel Alcivar, Scott O’Donnell and Dominic Montazemi from CBRE’s Investment Properties Group, and Jason Hochman of CBRE’s Debt & Structured Finance Group, in arranging the transaction.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.