CBRE Arranges $25 Million Sale of Mixed-Use Property in Miami

by Scott Reid

Miami — CBRE represented Nationwide Theatres West Flagler LLC in the sale of Flagler West Corporate Park | The Centre at the Waterways.

CBRE has arranged the sale and financing of a 126,004-square-foot, bank-anchored office building, a 9,249-square-foot retail strip center and a standalone CVS drug store located on an 8.7-acre site in Miami. Flagler West Corporate Center LLC purchased Flagler West Corporate Park | The Centre at the Waterways for $25 million from Nationwide Theatres West Flagler LLC. CBRE represented the seller in the transaction. For the buyer, CBRE Debt and Structured Finance originated an $18.75 million CMBS loan and a $2 million mezzanine loan. The loans are non-recourse, have 10-year terms and several years of interest-only payments. The mixed-use property is 85 percent leased. Miguel Alcivar and Scott O’Donnell of CBRE’s Investment Properties team, Jason Hochman of Debt & Structured Finance, and David Donnellan and Todd Weintraub of CBRE’s South Florida Retail Investment team arranged the transaction. 

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