HFF closes sale of HSBC Building in Miami Beach

HFF closes sale of HSBC Building in Miami Beach

HFF announced that it has closed the sale of 301 Arthur Godfrey Road, an office building anchored by HSBC Bank in Miami Beach, Florida.

HFF marketed the property on behalf of the seller, Cabi 301 Commercial, LLLP.  A private investment firm purchased the property for $15.125 million free and clear of existing debt.

301 Arthur Godfrey Road is located at the intersection of Pine Tree Drive along Miami Beach’s “Bankers’ Row”.  The property is 100 percent leased to a diverse mixture of tenants including HSBC Bank.  The 1.07-acre site is comprised of the six-story office building and a parking lot, which provides future development potential.

The HFF team representing the seller was led by senior managing director Hermen Rodriguez and director Ike Ojala and included executive managing director Manuel de Zárraga and senior real estate analyst Jorge Portela.

“This offering attracted broad domestic and international investor interest.  It confirms that buyers globally are seeking high-quality assets in the Miami market,” said Rodriguez.

“Investors found the property’s highly visible gateway location, at the eastern entrance of the Arthur Godfrey Road retail corridor, often referred to as Bankers’ Row, as well as the long-term HSBC Bank lease and additional development potential especially appealing,” added Ojala.

HFF’s investment sales team closed more than $4.9 billion in office building sales nationally in 2012.  HFF closed more than $400 million in office transactions across all capital markets platforms in the state of Florida during 2012.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  www.hfflp.com.

 

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