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South Miami office building trades for $40M

South Miami office building trades for $40M
Building has been leased to timeshare company since it first opened in 1986
December 31, 2015 02:30PMBy Sean Stewart-Muniz

The nine-story office building at 6262 Southwest Sunrise Drive in South Miami

The real estate arm of a Fortune 500 company just paid $40 million for a fully leased office building in South Miami.
USAA Real Estate Co., which invests in properties on behalf of the United Services Automobile Association, purchased the nine-story building at 6262 Southwest Sunset Drive through a deed recorded this week.
The building was sold by JW Advance, a Boca Raton company headed by Jeffrey J. Weiss. Miami-Dade County records show he built the office tower, though it’s unclear how much he paid for the 0.85 acres of land where it stands today.
Measuring 198,669 square feet, the building was first put up in 1986. It has 100,798 square feet of leasable space, all of which is taken up by Interval International — a leisure company that offers memberships to owners of timeshares in resorts around the world. The property is across the street from a development site that sold for $347 per square foot, or $8.8 million, in July.
Interval International has based its headquarters in the South Miami tower since its doors first opened in 1986, according to a LoopNet listing. The company still has roughly four years left on its lease, which is set to expire on December 31, 2020.

Source: The Real Deal

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