The South Florida commercial team of Cushman and Wakefield led by Scott O’Donnell, Dominic Montazemi, and Miguel Alcivar located an out-of-market buyer in the $8.5MM sale of 1111 Park Centre Boulevard, a 57,105 SF office building in North Miami-Dade County. Online marketplace CREXi helped find the buyer.
Park Centre is a four-story mid-rise office building developed in 1987 on a 2.9-acre site. The building was 92 percent occupied at the time of sale and was owned by NR Park Center, LLC (Nir Shoshani), represented by the Cushman Team.
The sale exemplifies the power of the CREXi platform as the buyer’s broker found the deal on CREXi and ultimately entered a market in which they were not previously active. Typically, new market entrants have a steep learning curve in new markets and require significant time before becoming exposed to all available opportunities.
By creating an online marketplace, CREXi gives buyers immediate exposure to out-of-market opportunities.
“Brokers would love to reach every qualified buyer to drive pricing and options on behalf of their client, and buyers always want to see all the deals that fit their criteria. Historically, the two sides have always wanted to connect but have had a hard time finding each other. We created a conduit to bring the two sides together,” notes Paul Cohen, Southeast Regional Director for the CREXi. “It always helps when you work with best-in-class brokers like Miguel’s team.”
The Cushman team has deep relationships in the South Florida commercial real estate market, with 29 closings totaling $529 million in sales and financing in 2016. It’s safe to say that they know all the active buyers on a first name basis, so sourcing a new motivated buyer was a real boon for the team.
The Cushman team had been in talks with several buyers before the winning investor reached out to them. The building was the right asset for the new-to-market buyer, 1111 PCB Holdings LLC, who acquired the asset for $8.5 million ($149 per square foot).
According to Alcivar, “It’s exciting for us to use a marketing platform that sources buyers that we don’t know about. The CREXi platform is a powerful tool in our arsenal that allows us to maximize exposure, pricing, and value for our clients in the sale of their assets.”