NGKF Capital Markets announces the $40 million sale of Advance Tower in Miami, Florida, which will remain the Class A office headquarters of global lodging provider, Interval International Inc. (NASDAQ: IILG).
Executive Managing Directors Adam Greenberg and Michael Lapointe, along with Managing Director Michael Lohmann, represented JW Advance LLC, a Boca Raton-based company managed by Jeffrey J. Weiss. JW Advance LLC developed and managed the property since 1986 and has now sold the eight-story, 100,798-square-foot building to USAA Real Estate Company.
Lohmann, who led NGKF Capital Markets in the sale, said, “It’s a unique asset in a rapidly changing submarket that required significant time and effort to locate the right buyer and close the transaction.”
The NGKF Capital Markets team based in South Florida comprises Greenberg, Lapointe and Lohmann, along with Senior Financial Analyst Scott Gordon and Senior Transaction Specialist Stephanie Ceballos. Together, the team has executed more than $2.5 billion in institutional and private client transactions, over $1.5 billion in financing and brokerage transactions and has traded over $750 million of residential and commercial loans and REO product. The team is recognized within Newmark Grubb Knight Frank’s (NGKF) national platform and is currently one of the top capital markets groups within NGKF’s Southeast region, having closed more than 30 deals in 2015.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.