Fifteen Group has sold the Fedex building in downtown Miami after extending the tenant’s lease.
Fifteen Group Announces $37.25 Million Sale of FedEx Building
MIAMI– Miami-based Fifteen Group has completed the sale of 200 South Miami Avenue in downtown Miami for $37.25 million. The approximately 110,000-square-foot “last mile” logistics facility is net leased to Federal Express Corporation. Fifteen Group acquired the property in July 2014 for $19 million.
“This transaction is an excellent example of what Fifteen Group has been doing for years – acquiring undervalued assets and creating value through aggressive asset management”
“This transaction is an excellent example of what Fifteen Group has been doing for years – acquiring undervalued assets and creating value through aggressive asset management,” said Justin Toal, Chief Investment Officer and Senior Principal at Fifteen Group. “In this case we were able to negotiate a long-term extension with FedEx at an attractive rent and subsequently offer an excellent product to the investment market. This is a highly desirable, urban core location with in-place entitlements for a high-density project. In the interim, the new owner has an investment grade tenant.”
A conceptual rendering of an 80-story, 1000-unit project permitted for the site released in 2013, prior to Fifteen Group’s purchase: