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Recycled Real Estate, For Sale

LeBron James practiced free throws in this building.  Just kidding. But with 16-foot clear height ceilings and a building shaped like a basketball court enclosure, he could have. The ‘Chosen One’ from Northeast Ohio who graced our presence for four years never stepped foot in this property. But now that I have your attention let me tell you who has passed through here: a zillion people who arrived or departed by bus. That’s right. A bus. As in the Greyhound type.

Built in 1939 as a bus terminal, the property we just listed for sale served the community for many years with its original intent. With approximately 12” thick concrete walls, it has withstood dozens of hurricanes. They don’t build buildings like this anymore.

Over the years the Buena Vista residential neighborhood developed around the property and for the past 20 years or so the property has served as a warehouse. A few years ago my client purchased the property for a Miami location to do what they do, which is to create environments and experiences that evoke creativity and inspire interaction through technology, art, architecture and the intersections in between (translation, the company, in this case the seller, is a design and construction firm that creates and builds space for cutting-edge occupiers, such as uber high-end retailers and branded environments that frankly, is hard to put into words). Photos help.

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However for business reasons the company is moving on and now this space is available to buy – for $2.35 million.

The property is zoned “non-confirming use under Miami 21 Zoning Overlay,” and could conceivably be redeveloped into mid-density residential apartments or condos. Because of those thick concrete walls and shape, it could also be utilized for art storage, even an art gallery.

Hence the notion that we are in the real estate recycling business. Neighborhoods change. Requirements for space evolves. We evolve. For some of the properties and buildings that endure, they are transformed into the next and highest-best use.

The land area of 123 NW 51st Street is approximately 28,800 square feet and the building is about 21,420 square feet, with a gated parking lot and grade-level loading. It is not your average listing in a Miami suburb.

Opportunity knocks. Interested parties should contact me. Oh, and on an earlier comment that we would not invoke LeBron James’ name in this blog… we beg forgiveness. Who would have known that we would get a listing like this? The rule of “exceptions apply” stands.

Download the Buena Vista Bus Terminal_eBrochure.

Flex Space that has Never Been So Flexible

What goes around comes around. Art imitates life. Or is it life imitates art? Will the circle be unbroken? Roosters come home to roost. Boomerangs.

You can probably see where I am going here – something of significance has returned to Morris Southeast Group: a property.

Not one that we bought or leased for our own purposes. Or won a property management contract. No. We were awarded the marketing and leasing assignment for 700 Sawgrass Corporate Park in Sunrise, Florida.

A jewel of a flex building, with offices, a showroom area, spacious reception, three dock doors and ample, industrial-type space for light assembly all under one 45,430-square-foot roof, 700 Sawgrass was created as a build-to-suit for one of our clients 12 years ago, and we put them in the space on a long-term lease. Now the property has come back to market, and we have it for lease. Download the eBrochure for Sawgrass Corporate Parkway.

Zoned I-1, 700 Sawgrass is suitable for pharmaceutical, electronics, manufacturing, distribution and more.

We originally represented Martin Professional for the build-to-suit. At the time Martin was the leader in intelligent lighting for the club scene, and they were making great strides toward capturing market share with indoor and outdoor architectural lighting (thus the need for showroom space).

For years the company thrived in that space. So much so that Martin was acquired by publicly traded Harman a couple years ago. Harman isn’t exactly a household brand but many of the companies that Harman has acquired through more than 60 years have been responsible for changing the way people experience entertainment (from the world’s first stereo receiver to the first concert hall loudspeaker).

Thus, between the history of 700 Sawgrass and the notion of “creative space” made popular by the San Francisco and Los Angeles office markets, it would not be a stretch to suggest that 700 Sawgrass could be a highly innovative environment for the next occupier.

We’ll see about that.

Meanwhile, the property is offered for lease ($13/NNN + estimated operating expenses of $4 a foot) or for sale, at $6.4 million.

700 Sawgrass Corporate Park is situated on 3.7 beautifully landscaped acres, near many fine restaurants and high-end, business class hotels. All major highways (I-595, I-75 and the Sawgrass Expressway) are nearby and the property is less than a half hour from Ft. Lauderdale-Hollywood International Airport. Interested occupiers should contact me.

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