The Real Deal Miami

Foreclosed West Kendall office park trades for $12.5M

Property faced a foreclosure lawsuit in 2013 over a $16.5M mortgage

July 23, 2015 09:45AM

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The Lucky Start Executive Plaza near Kendall West

The Lucky Start Executive Plaza in West Kendall

An office park in the West Kendall neighborhood that fell into foreclosure two years ago has been sold for $12.5 million.

The Lucky Start Executive Plaza consists of two low-rise office buildings that total 55,658 square feet, according to a news release. The property is 54.1 percent leased by a mix of medical and corporate tenants.

The eight-acre property, at 8765 Southwest 165 Avenue, also houses a sizable undeveloped lot that could later house up to a three-story, 89,000-square-foot building.

Marty Busekrus, Jorge Portela and Manny de Zárraga of commercial brokerage HFF represented the seller, a regional bank who purchased the property out of a foreclosure auction earlier this year.  The recorded price for the property at that time was $10.725 million, according to Miami-Dade County property records.

The buyer is IMC Property Management, a real estate holding company based in North Miami. The company’s portfolio mainly consists of low-rise retail, office and industrial space spread throughout the South Florida, according to its website.

Regions Bank had filed a foreclosure lawsuit in 2013 against Lucky Start’s developers, including Antonio Balestena and Jorge Fernandez, over a $16.45 million mortgage. The two had built the plaza in 2008, the South Florida Business Journal reported. — Sean Stewart-Muniz