Blanca Commercial Real Estate is handling leasing for the new project. CLICK ON THE HEADLINE FOR MORE
The property comprises six, two-story inter-connected office buildings, totaling 97,125 square feet. CLICK ON THE HEADLINE FOR MORE
Riviera Point Development Group has completed construction of a 72,000-square-foot office building in Miramar.
The building, Riviera Point Corporate Center, is one of the few new suburban office buildings completed in this real estate cycle in South Florida. Riviera Point used foreign capital to finance construction of the project located in one of the nation’s most desirable suburban office markets, according to a study by Boyd Co.
The Riviera Point’s development underlines a growing demand for Class A office space in the suburbs and the influential role that foreign capital is playing in reshaping South Florida’s suburbs. In the past, Riviera Point raised foreign capital to build Riviera Point Business Center at Doral in 2016 and Professional Center at Riviera Point in Miramar in 2015.
Riviera Point partially funded construction of the new five-story office building, at 2750 SW 145th Avenue, through the EB-5 investor visa program. Under the federal program, foreign investors and their families can obtain a green card if they invest at least $500,000 in job-creating projects in the US. The firm, one of the region’s most prolific EB-5 developers, raised $15 million from 30 investors mainly from Latin America to build Riviera Point Corporate Center. Since 2012, Riviera Point has raised more than $53 million in EB-5 capital in South Florida, crated 1,120 jobs and enabled more than 170 foreign families to obtain the US residency.
“We build suburban office buildings to meet the needs of the bustling business communities expanding west of South Florida’s largest urban cores,” said Riviera Point CEO Rodrigo Azpúrua. “In the absence of a comprehensive mass transit system in our region, employers are responding to road congestion by moving their offices closer to their employees’ homes. Foreign investors see the upside of serving that sector of our community and are eager to provide capital for us to build Class A suburban office buildings.”
Blanca Commercial Real Estate is handling leasing for Riviera Point Corporate Center.
As construction of Riviera Point Corporate Center concludes, Mr. Azpúrua will focus on construction of the Radisson Red Miami Airport in suburban Miami. The 155-room hotel is partially funded with $11.5 million raised from EB-5 investors. The upscale select services hotel broke ground early this year and is scheduled for completion in early 2018.
Executive University Courts, a 97,125-square-foot office campus in Broward County, has sold.
Cushman & Wakefield Managing Director Dominic Montazemi, Senior Associate Greg Miller and Executive Director Scott O’Donnell represented Kas University LLC in the disposition.
MYP Executive, LLC acquired the asset for $9.3 million, or $96 per square feet.
Executive University Courts comprises six, two-story inter-connected office buildings built in 1987. The buildings’ garden layout offers private tenant access to suites from a lushly landscaped courtyard with a tranquil water feature. Ownership’s modest capital improvements in the buildings have helped push occupancy from 50.0 percent to 84.1 percent in just three years.
Executive University Courts sits on a 5.9-acre site at 4300 North University Drive in central Broward County. This highly visible location is easily accessible via Florida’s Turnpike and the Sawgrass Expressway.
“The property’s visibility and above-average parking, as well as the strong population density in the immediate submarket, are tremendous demand drivers for potential tenants,” said Montazemi. “The layout of the buildings also provides tenants direct access to their suites and an enhanced level of privacy.”
“There is also significant potential to capture additional medical tenancy,” added Montazemi, noting there are four hospitals with over 1,000 beds within four miles of the campus. “Given the asset’s proximity to local hospitals, private access to suites, and restrooms within the tenant spaces, there is a strong case for adding value by strategically leasing additional space to medical-related tenants.”
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
Email: admin@sfoba.com
Email: admin@sfoba.com
EB-5 Developer Delivers Class A Office In Tight Miramar Market
/in News/by SFOBA STAFFBlanca Commercial Real Estate is handling leasing for the new project. CLICK ON THE HEADLINE FOR MORE
Broward Office Campus Changes Hands
/in Done Deals, News/by SFOBA STAFFThe property comprises six, two-story inter-connected office buildings, totaling 97,125 square feet. CLICK ON THE HEADLINE FOR MORE