The Real Deal Miami

Here’s what sold between $1M and $5M this week

Commercial sales include offices in Coral Gables and warehouses in Doral

May 06, 2015 12:00PM
By Katherine Kallergis

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Woodbine Commons and Douglas Mandel of Marcus & Millichap

Woodbine Commons and Douglas Mandel of Marcus & Millichap

Woodbine Commons, West Palm Beach: $4.1M

An office complex in West Palm Beach sold for $4.1 million. The 33,248-square-foot development, at 7721-7751 North Military Trail, includes four buildings on 3.4 acres of land. Douglas Mandel of Marcus & Millichap represented the seller, a West Palm Beach-based company, and the buyer, a private investor from Boynton Beach.

The offices are located within walking distance to the Palm Beach VA Medical Center and Kindred Hospital. Tenants include financial service firms, the Department of Veteran Affairs and medical offices.

255 University, Coral Gables: $2.8M

255 University, a 10,455-square-foot office building in Coral Gables, sold for $267 per square foot, or $2.8 million. The two-story building, at 249-255 University Drive, was built in 1958 and underwent renovations recently that include marble floors, impact windows and a new roof.

The buyer and seller are LLCs based in Coral Gables. Douglas Mandel, Richard Niewiadomski and Ben Silver of Marcus & Millichap brokered the deal.

“Coral Gables has a high demand for executive office suites and per square foot rents for this use are at a major premium,” Silver said in a statement. “We received multiple offers on the property and achieved an above market price per square foot for a traditional class-B investment property in this particular area.”

Industrial warehouses, Doral and Opa-Locka: $4.65M

Two warehouses in Miami-Dade sold for a combined $4.65 million. Hector Henriette of HVAC manufacturer Nordyne International sold a 23,900-square-foot Doral warehouse at 11500 Northwest 34th Street for $3.1 million. And Southern Property 24th Ct sold the former Tower Paint building in Opa-Locka for $1.55 million. The 34,000-square-foot industrial warehouse is located at 14715 Northwest 24th Court.

Daniel Cook of Cook Commercial Realty brokered both deals.