Venevision Studios Negotiates Sale Leaseback Of 119,000 SF Of Office/Studio/Warehouse Facility - Miami Airport Warehouses
July 5, 2017
On behalf of Venevision Studios LLC, Binswanger announced the sale leaseback of their state-of-the-art 119,008 sq. ft. office/studio/warehouse facility on 4.41 acres. The building is located at 7321 NW 75th Street in Medley.
The building was purchased by GPT 75th Street Owner LLC with a 15-year NNN fully bondable leaseback to Finser Corporation, a company that provides administrative services to Cisneros. Founded in 1929, Cisneros is a global enterprise focused on media & entertainment, digital advertising, real estate and social leadership.
Jonathan Blum, President of Cisneros Media had the following to say, “This transaction represents a portion of a larger investment strategy on behalf of Cisneros Media. Funds from this transaction will be invested in the development of international distribution and production platforms for the Hispanic market in the U.S. and Latin America. The 15-year leaseback allows us to continue operating in the facility under the same structure as always.”
Constructed in 1971 and 1979 with subsequent renovations, the building contains a state-of-the art television studio with ancillary support areas and corporate offices. The property is located in the town of Medley near the intersection of NW 75th Street and NW 72nd Avenue. The Palmetto Expressway (SR 826) is only a few minutes’ drive away.
Pedro J. Garcia, SIOR, Principal in Binswanger-Gateway’s Miami office and Andrew Harris, Senior Vice President in Binswanger’s New York office handled the transaction for Venevision Studios LLC.
Headquartered in Philadelphia, Pennsylvania, Binswanger is an international full-service real estate organization with offices worldwide throughout the United States, Canada, Latin America, Europe, the Middle East, and Asia.