The Real Deal Miami

Roundup: SoBe apartment building and airport offices sell

All sales were between $1M and $6M

April 13, 2015 11:15AM
By Sean Stewart-Muniz

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image003 (2)South Beach apartment complex

A 90-year-old apartment complex in South Beach just traded for $2.5 million.

The 12-unit building at 1035 Pennsylvania Avenue was built in 1935 and mostly houses studios, with two units that have one bedroom and one bathroom.

It was last sold for $1.77 million in 2014 to a company titled Penn Investments, which is managed by Douglas W. Solomon, according to Miami-Dade County property records.

Solomon owned another apartment building next door, which he also sold for $2.4 million in 2013.

Arthur Porosoff of commercial real estate brokerage Marcus & Millichap represented both Solomon and the buyer in the sale.

The buyer is a company titled 1035 Group, which is managed by James A. Cavanaugh Jr, according to public records.

Cavanaugh founded a successful janitor-for-hire franchise in Dallas, Texas, which now has locations around the world.

“As foreign currencies begin to even out with the dollar, we are seeing more domestic investors enter the South Beach market which was previously dominated by international investors,” Porosoff said in a statement.

image003 (1)Commercial center in Miami Airport submarket

A chunk of the Miami International Airport Commerce Center was just sold off for $5.35 million.

Named the Milan Airport Center, the complex is composed of two buildings totaling 47,698 square feet.

The first building is a four-story office anchored by Wells Fargo. The second is a 8,894-square-foot retail building with six units.

The office building is 100 percent leased, while the retail building is 80 percent occupied.

Located at 4995 Northwest 72nd Avenue, the complex was last sold in 2006 for $4.3 million.

Adam Tiktin of Marcus & Millichap represented the seller in the deal.

“The Milam Dairy corridor of the Miami Airport submarket boasts tremendous demographics and high density of employment,” Tiktin said in a statement.  “This was an opportunity to acquire a corner property within the Miami International Airport Commerce Center.”

image003 (3)Boca Raton retail center

After running the Grace’s Center retail complex for more than 55 years, its owner has sold the property for $2.2 million.

Located at 1949 Northwest 2nd Avenue, the 11,391-square-foot complex is near Florida Atlantic University.

Its tenants include the fish store Barrier Reef, Boca Raton Physical Therapy, and the Community Table and Farmer’s Market

A group of private investors from Boca Raton purchased the property. Both parties in the sale were represented by Howard Bregman of Marcus & Millichap.

“We received multiple full price offers and the deal closed within 40 days of being listed,” Bregman said in a statement. “The sale represents a new high water mark for retail properties on a per square foot cost basis in the immediate area.”