Cofe Properties pays $16.6M for Miami business park
Deal breaks down to nearly $93 per square foot
April 29, 2016 11:15AMBy Sean Stewart-Muniz
Webster Business Park
Commercial investment firm Cofe Properties just put down $16.6 million to purchase the Webster Business Park just west of the Miami International Airport.
County records show the deal includes four industrial buildings totaling roughly 178,521 square feet at 7200 Northwest 25th Street. Built in 1972, the park houses businesses like a costume store, auto paint shop and a graphic design company.
Aerial of the park at 7200 Northwest 25th StreetMiami
The seller was TA Realty, an investment manager headquartered in Boston that has about 91 million square feet of commercial space in its portfolio.
TA paid $11.9 million, or about $66 per square foot, for the park in 2005. Now, the financial firm has sold its holding for nearly $93 per square foot.
Cofe financed its purchase with an $11.1 million loan from BankUnited, according to county records.
This isn’t the first time Cofe and TA have done business together: in August, Cofe paid $21 million to buy the North Miami Business Park from TA.
Some of Cofe’s larger deals include the $40 million purchase of the Aventura View office building, as well as the Pinecrest Town Center shopping strip for $32 million.
Source: The Real Deal