Tuesday, May 23, 2006

County Takes Mixed-Use Building for $23M


MIAMI-A 196,000-sf building within the Dolphin Commerce Center at 11500 NW 25th St. has been sold for $23.1 million.

The property was sold to Miami-Dade County to house a variety of county services, such as the Office of Emergency Management and other emergency-related services. The seller was Dallas-based Olympus Real Estate Partners. CB Richard Ellis first vice president Wayne Schuchts and senior vice president Chris Coots and Victor Suvall, of the Swerdlow Co., represented the seller. General Services Administration represented the buyer.

Schuchts tells that the building was constructed as a special-use facility for Exodus Communications, a company that was later acquired by another company which went out of business. “The company vacated the building and we were hired to sell it,” Schuchts explains.
Among reasons Miami-Dade County purchased the property was its Category 5 hurricane resistance rating, which means it can withstand wind speeds experienced during a Category 5 hurricane. The building that was sold contains 40,000 sf of office space, 70,000 sf of raised flooring space, 70,000 sf of warehouse space and 16,000 sf of UPS space. “To my knowledge, there are only a few buildings in Miami-Dade County with this type of specification,” Schuchts says. “Because Miami-Dade County is using this space to house several operations, this setup makes Dolphin Commerce Center the perfect fit and a great purchase for the county.”

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