Miami Station. Rendering courtesy of Berkadia
The John Buck Co., Florida Worth Companions, BH Group and PEBB Enterprises have collectively acquired the 1-acre improvement web site of Miami Station, a mixed-use mission to rise in downtown Miami.
Berkadia organized the $39.5 million transaction on behalf of the earlier proprietor, a three way partnership between actual property investor Rainer Viete and Meyers Group, as reported by The Actual Deal. Centennial Financial institution financed the acquisition with a $19.8 million mortgage, the identical information outlet reveals.
The funding marks John Buck’s first foray into the South Florida market. The Chicago-based agency has developed greater than $7 billion of actual property tasks together with a number of landmark buildings and skyscrapers in Chicago, Washington, D.C., and Philadelphia.
A brand new tower to affix Miami’s skyline
Miami Station has been greater than two years within the making. In December 2020, developer Group filed the preliminary plans for the transit-oriented, 40-story mixed-use tower to rise adjoining to MiamiCentral Station. On the time, the event was set to incorporate 250,641 sq. toes of workplace area, 7,572 sq. toes of retail and 310 flats, in addition to 468 parking areas, in line with South Florida Enterprise Journal. ODP Architects served as mission architect.
Over time, the mission has suffered varied changes. Present plans name for 244,000 sq. toes of workplace area, greater than 7,000 sq. toes of retail and 301 residential items. Approval from FAA and MDAD is pending for a further 24 tales, on high of the 36 tales already lined up for the property.
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Positioned at 533 NW Second Ave., in an Alternative Zone, the event will rise throughout from the Miami Central Brightline station, going through NW Sixth Road as properly. Miami Station will present connectivity to main employment facilities throughout the Miami metropolitan space, in addition to the downtown areas of Fort Lauderdale, Fla., West Palm Seashore, Fla., and Orlando, Fla., being accessible by way of the Brightline route.
Berkadia Senior Managing Administrators Jaret Turkell and Roberto Pesant, Managing Director Scott Wadler, Director Yoav Yuhjtman, Affiliate Director Omar Morales and Senior Monetary Analyst Jose Mota facilitated the deal on behalf of the vendor.
Addressing the workplace area scarcity
Miami Station. Rendering courtesy of Berkadia
Miami Station represents a ready-to-build alternative amidst a surge in demand for residential and workplace area downtown as a consequence of an inflow of company relocations, Turkell mentioned in a ready assertion.
Based on a latest Cushman & Wakefield report, Miami’s workplace market showcased robust demand with 199,000 sq. toes of web absorption throughout the fourth quarter of 2022, leading to a complete of 601,000 sq. toes of absorbed area in metro final 12 months.
The identical analysis reveals that about 90 % of complete leasing exercise was generated by new agreements, relocations or expansions inside the market.
