Source Realty Services Brokers $54 Million Sale Of Greyhound Bus Depot

MIAMI - Oct. 2, 2014 - PRLog -- Greyhound Lines bus maintenance depot in Miami’s Park West neighborhood was sold to Simkins managed companies for $53.8 million.

The sale included an 81,655 square foot bus maintenance facility on a 4.36 acre lot at 1151 NW First Ave., plus three nearby vacant parcels totaling 19,060 square feet of land. The site is located in Miami's Park West neighborhood and is proximate to the Miami Worldcenter project and All Aboard Florida’s future Miami Central station.

Source Realty Services’ Brian Turtletaub represented the buyers of SFLP Park West, SFH Park West, and Lion Park West in the transaction. The buyer’s managing partners are Ronald and Michael Simkins.

“This represents an unique opportunity for the buyer. The property is within a few blocks of a number of high-profile projects in the downtown Miami market. The buyer was able to acquire one of the most significant undeveloped properties in the Park West area of Miami at a time when remaining development sites are scarce” said Turtletaub of the all cash transaction.

Seller and Dallas-based Greyhound Lines originally bought the property in July 1963.  The seller represented itself in the transaction.

ABOUT SOURCE REALTY SERVICES

Source Realty Services is a full service real estate brokerage based in Miami Beach, Florida.

Since its launch in 2012, Source Realty Services has brokered commercial real estate transactions in the South Florida area.  Notable deals include 63,130 square feet of land on four blocks in Miami’s Overtown neighborhood, a retail property in the Design District, retail properties in Miami Beach’s Art Deco District, and a large parcel neighboring the Miami International Airport.

“We have worked very hard to position Source Realty as Miami’s premier brokerage, advisory, and more” said Source’s chief executive and founder, Al Simkins. “The Greyhound deal solidifies that.”  Additional large-scale transactions are expected to close in the coming months.

To learn more about Source Realty Services, visit www.SourceRealtyServices.com