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Commercial real estate in Miami sold for $104 million

A piece of property in Miami was assessed at $32.5 million in 2010. CWCapital Asset Management with the assistance of commercial real estate services firm then put in place a $2.9 million capital improvement program into property that was apparently in poor shape at the time. CWCapital has now sold the property for $104 million.

The property in question consisted of more than 300,000 square feet. One CWCapital spokesperson stated that the company had received close to a dozen proposals to purchase the property. The ultimate purchaser of the property was Related Group, a company that is now looking at its own development options concerning this property.

The entire process was described as a rebranding and relaunching endeavor. The CWCapital spokesperson spoke about how pleased they were concerning the transaction and stated "that by waiting to sell the asset until the market improved, we were in a better position to make a full recovery for the trust."

Any successful commercial real estate venture such as this requires planning, the ability to raise capital, hard work and patience. It requires clear thinking and, in some circumstances, looking towards various options that have remained untried.

The one item that stands out concerning this transaction is the amount of money that was involved. There is simply no such thing as a simple real estate transaction when we are discussing sales of commercial property for more than $100 million.

Real estate attorneys are invaluable when it comes to such property planning. Any real estate investment may come along with a series of legal requirements that will need to be followed. It's also essential to have an objective voice to discuss the positives and negatives of any property negotiation.

Source: Commercial Property Executive, "CWCapital Sells 300 KSF Miami Office Property to Related for $104M," Barbra Murray, Dec. 16, 2013

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