NY Buyer Takes 185,000-SF Office Asset for $23M

DORAL, FL-New York City-based Delma Associates Inc. has acquired Amadeus Centre, a 185,266-sf class B+ office building at 9250 North West 36th St. for nearly $23.14 million.

The seller was Florida Office Properties Co., which was represented by Cushman & Wakefield’s Capital Markets Advisory Group led by Jay Caplin, Adam Feinstein and Mark Gilbert. “The seller decided to take advantage of a market that’s attractive for sellers right now,” Caplin tells GlobeSt.com. “The seller is embarking on an organized disposition of assets. They’ve also sold properties in Jacksonville and Orlando.”

Caplin adds that “Amadeus Centre represented a rare opportunity to acquire an extremely well designed and located South Florida office property at a price significantly below replacement cost, with a long-term lease in place with a strong tenant.”

Built in 1984, Amadeus Centre is located across from the Doral Golf Resort & Spa in the Airport West submarket of Miami. The building is currently 82.5% occupied by Amadeus North America LLC, which provides computer reservation systems for the airline and travel industries. The company has housed its Americas regional operations in the building since the late 1980s.

“Buyer demand for this asset was exceptionally strong due to its location in Doral,” Feinstein says. “The investment community clearly recognizes Doral is more than just the home of a world-class resort and the legendary Blue Monster golf course. It is a vibrant and rapidly growing municipality that is a highly attractive location for office tenants.”