(Clockwise) Dominic Montazemi, Mike Davis, Scott O'Donnell and Miguel Alcivar.
Scott O’Donnell, Dominic Montazemi, Miguel Alcivar and Mike Davis
Executive managing director; executive managing director; managing director at Cushman & Wakefield’s South Florida Capital Markets Team; and executive vice chair at C&W’s National Industrial Advisory Group
The past year wasn’t an easy year for office sales — even in Florida. But that means that any sales that did close required perseverance and a good dose of creativity.
Dominic Montazemi, Mike Davis and Miguel Alcivar of Cushman & Wakefield represented Nuveen Real Estate in the $250 million sale last fall of 801 Brickell, a 412,000-square-foot office tower in Brickell, along with brokers from Newmark and Colliers. It was South Florida’s biggest office deal of the year. The trio also closed the $90 million sale of 355 Alhambra in Coral Gables, along with team members Rick Brugge and Rick Colon. Both deals required seller financing to get them over the finish line.
“In situations where we’re transacting on institutional properties, we have a chance that there’s not debt in place with the seller, so there are times we can convince the seller to provide financing,” said Scott O’Donnell, who co-leads the South Florida capital markets team for office and industrial with Montazemi out of Boca Raton. “It happened for 801, 355 Alhambra and one other deal that didn’t end up transacting.”
On the industrial side, the team represented PGIM in a $162 million sale of the Quiet Waters Business Park in Deerfield Beach in July 2023. “We had 23 offers on that deal,” said Davis, who runs institutional capital markets out of Tampa. “Competition was robust.”
Heading into 2024, indications that interest rates have stabilized and could be cut have brought out the optimists. That’s keeping both the industrial and office teams busy — especially as South Florida’s sunny spell continues unabated.
“South Florida is a target for institutional and private capital investors,” said O’Donnell. “It has been on the industrial side, but now it’s becoming a target market for office product as well. We’re seeing a number of new out-of-market buyers come back into the market, [because there are deals] at pricing that’s starting to make sense to them.”
