May 03, 2017
FedEx’s has 200 South Miami Avenue leased until 2029, plus, a five-year renewal option. The property is a 110,000 SqFt building! In 2019, the rent will be $14.82/SQFT, triple-net, with 2.5% increases each year. The property is expected to reach $40 million ($364/SQFT). The site was purchased in 2014 for $19M.
The site is 1.4 acres and can be redeveloped because current zoning allows 2 million SQFT and up to 1,395 units.
Downtown Miami is in the middle of redevelopment. Downtown Miami will have 3,575 rental units ready in 2017, as oppose to 2,774 condos. Developers want to focus on the multifamily market due to downward condo sales.