MIAMI--(BUSINESS WIRE)--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,” 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.”
About Fifteen Group
Fifteen Group is a family-owned real estate investment firm based in Miami, Florida. Fifteen Group’s investment activities are opportunity-driven, value-added acquisition and development projects. Historically, Fifteen Group concentrated primarily on the multifamily sector but has evolved to include expertise in office, retail, mixed-use, industrial, and land development sectors. Currently the firm invests in all major real estate asset classes, in real estate secured debt, and in corporate private equity transactions. Fifteen Group (www.fifteengroup.com) also has an office in Los Angeles.