Flagler Corporate Center

Location: Miami, FL
Type: Office
Price: $77,000,000

SMC has provided ten-year fixed rate financing evidenced by two pari-passu notes totaling $77,000,000 for the refinance of Flagler Corporate Center, a six-story suburban office property located on West Flagler Boulevard in Miami, FL. The Property was built in 1974 as the headquarters of Florida Power & Light, which did a sale / partial leaseback of the Property in 2011. The Property was substantially renovated in 2015-2016 and is currently 78% leased to multiple tenants including Florida Power & Light, which accounts for 63% of the total NRA.