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A New York investor has invested in the last-mile facility for a major package delivery company in a property with future redevelopment potential.
Lalezarian Properties purchased 200 South Miami Ave., a six-story, 110K SF facility in Downtown Miami that acts as a last-mile warehouse and retail packaging center for FedEx, according to Cushman & Wakefield. Miami-based Fifteen Group sold the property for $37.25M.
Cushman & Wakefield Vice Chairman Robert Given and his team, along with Colliers International Executive Vice President Gerard Yetming, brokered the sale for Fifteen Group.
While FedEx's lease at the facility runs for another 12 years, long term, Lalezarian has some redevelopment options, Given said. Zoning allows for nearly 2M SF of mixed-use space, or up to an 80-story, 1,200-unit residential tower in the future, officials said.
Both the lease with FedEx as well as the prospects for redevelopment drove investor interest and the value on the transaction, Given said.
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