MIAMI, April 11, 2022 – Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of 117 Professional Arts Center, a 63,206-square-foot (sf) office building located at 11731 Mills Dr. in the dense Kendall Drive trade area.
Miguel Alcivar, Dominic Montazemi, Scott O'Donnell, Mike Ciadella, and Greg Miller of Cushman & Wakefield represented both the seller, The Green Companies, and the buyer, Beacon Real Estate Group Acquisitions, LLC, in the transaction.
The Green Companies team involved in the transaction included the company’s President James Bernstein, Managing Principal Elizabeth Green, and Vice President Jesse Seitz. The Green Companies purchased the property for $13.2 million in 2019, selling it for nearly double the price less than three years later.
“After The Green Companies implemented a successful value-add repositioning strategy, it increased occupancy from 85% to 100%, extended the weighted average lease term of the tenancy to more than eight years, and streamlined operational expenses,” said Alcivar, Managing Director at Cushman & Wakefield. “We were able to identify a family office buyer drawn to both the building’s unique attributes and stabile, long-term credit cash flows.”
117 Professional Arts Center was fully occupied by a healthcare organization and a university at the time of sale and sits within the Kendall submarket of Miami.
The differentiated, four-story office building is extremely well positioned in the marketplace and an ideal location for medical and educational uses. This is by virtue of its quality construction, favorable structured parking, and prime infill location near residential density, three hospitals, major highways, and walkable amenities including The Palms at Town & Country power center nearby.
Cushman & Wakefield Arranges Sale of 117 Professional Arts Center
Jade Hubbard • 4/11/2022
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.