This CBRE Exec Works Office Building's Sale Despite Loss Of Main Tenant

, Daily Business Review


02/18/14-- Miami-- Tim Gifford,Senior Vice President, with CBRE
02/18/14-- Miami-- Tim Gifford,Senior Vice President, with CBRE

Notably, part of the sales pitch was the idea that the new owner might be able to draw rents from BBVA Bancomer well past its planned departure in 2016.

"What we highlighted with the buyer is that the tenant is building a new property in order to vacate, but as with any new construction, they could run into problems," Gifford said.

Gifford noted it took about five months from the time the building was first shopped to the closing. But he noted, "We had to wait approximately 60 days for government approval, and one month was eaten by the [Christmas] holiday."

Indeed, Gifford said "dealing with two institutions that are so highly regulated" was one of the things that made the deal something he could learn from.

Background:Gifford is a Miami senior vice president of CBRE's global capital markets group, which specializes in complex cross-border deals.

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