Avison Young completes $13.2M sale of One Seventeen Professional Arts Center, a four-story, multi-tenant, Class A, office building totaling 63,206 SF
Value-add, office building trades in Miami-Dade’s tight Kendall office market
Miami, Fla. — Avison Young negotiated the $13.2 million sale of One Seventeen Professional Arts Center, a four-story, multi-tenant, Class A, office building totaling 63,206 at 11731 Mills Drive in Miami, Florida. Currently, 84.6 percent occupied by two tenants, Everglades University and VITAS Healthcare, the property offers a value-add opportunity through the lease-up of a 9,7410-square-foot office, third-floor suite.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian de la Fé, and Associates Berkley Bloodworth and Emily Brais represented the seller, Nuveen, in the disposition to The Green Companies.
“The office building represents a strong investment for the buyer due to its strategic location, adjacent amenities, strong tenancy, the value-add opportunity through lease-up of vacant space, and its distinctive modern features,” said Crotty.
Located near the intersection of Florida’s Turnpike and Kendall Drive, the property is well-positioned for office use and is proximate to both Baptist and Kendall Regional Hospitals, an ideal location considering one of the property’s major tenants operates a healthcare-focused business. One Seventeen Professional Arts Center is also within walking distance to The Palms at Town & Country, the Kendall area’s second-largest shopping center with over 660,000 square feet of commercial space.
According to Avison Young’s third-quarter 2019 Miami-Dade County office market report, demand remains strong in Kendall with the lowest vacancy in the county posting at 6.5 percent. Kendall’s net absorption has been continuously positive, including twelve consecutive quarters of positive absorption through Q3 2019.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.