Global Headquarters of OneSpaWorld on the Market in South Florida
April 12, 2018
CORAL GABLES, Fla., April 12, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces it has been appointed as exclusive advisor for the sale of OneSpaWorld’s global headquarters, a two-story, 35,180-rentable-square-foot office building with an underground parking garage in Coral Gables, Florida. The price is $14.65 million.
“OneSpaWorld is the largest global operator of spa, salon, wellness and fitness facilities on cruise ships, and the port of Miami is the cruise capital of the world,” says Benjamin H. Silver, first vice president investments. “Upon sale, OneSpaWorld will continue to occupy the building and enter into a 10-year, triple-net lease with the new owner.”
Silver, Douglas K. Mandel, senior managing director, and Adam Klein, associate, are representing the seller, a private corporation.
Constructed in 1990, the OneSpaWorld global headquarters building is located across from the University of Miami and the University Metrorail station at 770 South Dixie Highway—U.S. Route 1—in Coral Gables. The location offers convenient access to and from most of Miami’s major business and residential districts, including Coconut Grove, Downtown Miami, Dadeland and Downtown Coral Gables. The property has approximately 500 feet of frontage on U.S. Route 1, where traffic counts exceed 93,000 vehicles per day.
“The local office market is fundamentally one of Miami’s strongest, with vacancy rates in the low single digits and high rental rates generated by strong tenant demand,” said Mandel.