The $13,950,000 sales price represented a 66% increase over the initial purchase price that Aquila paid when it purchased the property approximately 4 years ago.

 

Tom Weber, President of Aquila stated "We are very pleased to have once again created substantial value and "completed the cylce" by reinvigorating another underperforming office property in South Florida.  At the time of our acquisition the Miami Lakes Corporate Center was 80% occupied with an additional 14% vacancy coming up soon due to the relocation of American Express to its own building.   Working in tandem with our partners AMC Delancey of Philadelphia, and the outstanding leasing team of Donna Abood and Grace Blanco of Colliers Abood Wood Fay, Aquila's dedicated hands on management group was able to increase occupancy to 99% and create substantial value for our partners. 

 

The sale of Miami Lakes Corporate Center is the third successful office turnaround story for Aquila within the last 12 months. Last year Aquila sold the Preferred Exchange Tower in Coral Springs, Florida and Lakes Plaza in Miami Lakes, Florida following renovation and leasing programs that increased their collective occupancy from 66% to over 94% and more than doubled the value of the assets.

 

Aquila Property Company, Inc. also owns the Innovation Business Park which was the Pratt & Whitney executive offices off of the Beeline Hwy in North Palm Beach County.  This property contains 190,000sf campus style office facilities with approximately 90,000sf currently vacant and available for lease.

 

Aquila was founded by Tom Weber and Jordan Paul in 2000 to acquire and improve underperforming properties.  "We are excited about the success that we have had and will continue to look for good opportunities to create value for our partners" said Jordan Paul, Chairman of Aquila. 

For additional information on Aquila Property Company, Inc.  visit our website at:  www.aquilaproperty.com or contact Tom Weber at 561-515-8584