Prime FedEx Property Sold for $19 Million
Aug 19, 2014 August 19, 2014
The Fifteen Group has finally purchased the FedEx ship center in Miami's downtown area.
The 1.31 acre property, located across the street from the upcoming Lynx project, was purchased for $19 million.
The sale was arranged by CBRE for the 200 South Miami Avenue property. Gerard Yetming, Calum Weaver, Robert Given, and Zachary Sackley of CBRE represented the seller in the sale.
“This prime development parcel at the heart of a dynamic international gateway market generated a tremendous amount of interest from developers, as well as investors seeking in-place yield,” Gerard Yetming, Senior Vice President of CBRE Capital Markets said “With six large and transformative urban infill developments slated for the Greater Downtown area, 200 South Miami is at the core of one of the most vibrant real estate markets in the country.”
The site is prime real estate for a condo development, apartment complex, or mixed-use development in the downtown area.
Miami 21 zoning codes allow this property to hold a maximum of 1,390 units.
The property is currently occupied by a four-story 86,000 square-foot building, but could be replaced with a 1.7 million square-foot building with over 1,000 units and almost 1 million square-feet of condo space as Fifteen Group slowly reveals their plans.
Photo credit: Building/site - exmiami.org