The Real Deal Miami

Miami Gardens offices sell at 50 percent loss

The three parcels last sold for $25.7M in October 2007

May 27, 2015 11:15AM
By Katherine Kallergis

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Washington Square in Miami Gardens

Washington Square at 111 Northwest 183rd Street in Miami Gardens

Two office buildings in Miami Gardens traded hands for $12.6 million — nearly half the properties’ last sale price, Miami-Dade County records show.

The acquisition includes a 126,059-square-foot building at 18441 Northwest Second Avenue, a 72,407-square-foot building at 111 Northwest 183rd Street, and a 3-acre paved parking lot at Northwest First Avenue. Both five-story buildings were constructed between 1973 and 1980, records show.

The three parcels last sold for $25.7 million in October 2007, according to Miami-Dade property records. They’re located on the same block as WQAM, a CBS Radio station.

An LLC affiliated with Miami-based TM Real Estate Group, an investment, development and management company, is the buyer. TM’s portfolio includes income-producing multifamily, office and mixed-use properties, as well as land development opportunities. The investment company operates in Florida, Arizona and Nevada, according to its website.

TM is also affiliated with the seller, Divine Square LW. A mortgage was not recorded.

In April, a nearby shopping center at 19801 Northwest Second Avenue sold for $9.6 million, three times its last sale price.