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Swire sells two office buldings with We Work and Akerman LLP anchors for $163 million!!

By
Cashflow In Miami
on
October 31, 2020


78 Southwest Seventh Street and 98 Southeast Seventh Street   , Miami
The combined $163 million purchase breaks down to $80.3 million for Two Brickell City Centre and $82.7 million for Three Brickell City Centre. Each building has about 130,000 square feet, which means they sold for roughly $630 per square foot.

The buildings are nearly 100 percent occupied and that Swire plans to use the cash for future developments.

Northwood, a Denver, Colorado-based investment adviser, buyer of both  buildings ,  had about $8 billion of assets under management at time of purchase. That includes Cheeca Lodge & Spa in the Florida Keys and the mixed-use project under construction at 1177 Kane Concourse in Bay Harbor Islands  .
The developer has plans for a second phase of Brickell City Centre. In early 2019, Swire and businessman Carlos Mattos scored final approval for a 100,000-square-foot-plus expansion that would have a 54-story, 588-unit residential tower, another 62-story, 384-unit residential tower, commercial space and parking.  

This marks the biggest office sale so far this year and , definitely a Wow during the pandemic!

...

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