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Anyone who has ever bought any property understands how expensive real estate is today. Greater Miami’s inventory across all classes including offices is way more expensive than it was years ago.
So when a deal comes along, you have to jump on it. Like now, before the window closes.
We have that situation in Miami-Dade County right now with the 625,000-square-foot Flagler Corporate Center at 9250 W. Flagler St. Miami-Dade Mayor Daniella Levin Cava wants Flagler Corporate to be the new home to some county offices that could include permitting, which right now is farther south at 11805 SW 26 St. The list price is $205 million, or $328 per square foot.
Vice Chair Anthony Rodriguez, Commissioner from District 10, pushed to pause the item to have the county team negotiate the price. After Commissioner Rodriguez’s efforts prompted talks with the property owner, the county got the price down to $182 million, or $291 per square foot, an 11 percent discount per square foot.
This is a heck of a deal compared to the original price and the value of comparable properties. The county should buy now!
To make the deal even more clear, consider the publicly held Lennar Corp. (LEN) paid $68 million, or $318 per square foot, for a 213,182-square-foot property at 5505 Blue Lagoon Dr. This is a company with a market cap of $43.9 billion and your county government just scored a better deal than a Fortune 500 company. Lennar’s choice to locate where other Fortune 500 companies are located in Blue Lagoon makes the property more expensive, but the comparison puts things in perspective.
Miami-Dade County, buy it now!
This is a case of FOMO (Fear of Missing Out) that is actually on the money! Literally!
And the kicker on all this is that the property the county has targeted for purchase includes 25.9 acres of land that Miami-Dade can repurpose for housing and other essential services to the community.
The purchase price of $182 million is well below the average of the two independent appraisals.
The financial plan at the new purchase price of $182 million includes an estimated savings of over $800 million by owning versus leasing over time. This is a unique opportunity to purchase a great asset in a central location that will support the growing and diverse needs of the county.
So, for the love of everything that is special about Miami-Dade, it’s time to put your money where your mouth is.
Miami-Dade County, buy it now!
Have questions or comments? Please feel free to call or text me at 305-323-8206 or email grant@cnews.net.
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