The Real Deal Miami

Miami Association of Realtors building sold for $16M

Buyer is entity linked to Management Resources College

August 28, 2015 12:00PM
By Sean Stewart-Muniz

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The Miami Association of Realtors headquarters at 700 South Royal Poinciana Boulevard

The Miami Association of Realtors headquarters at 700 South Royal Poinciana Boulevard

A 10-story office building on Miami International Airport’s northeast corner was just sold for $16.25 million.

The tower, which was built in 1987, is located at 700 South Royal Poinciana Boulevard. It has roughly 200,000 square feet of office space, according to Miami-Dade property records, with some suites offering views of the Miami Canal that bisects Miami-Dade County.

It also serves as the Miami Association of Realtors’ headquarters, with the group’s signage displayed prominently on the top floor of the building.

The sale includes both the tower, which occupies a 2.3-acre parcel, and an adjacent 0.43-acre unpaved lot that’s being used as surface parking.

The listing and selling agent was Ray Navarro of Avatar Real Estate Services.

Both properties were last picked up for $8.3 million in 2010 by a company titled Prime-AFC Investment Management, which lists its managing member as Martha Casanueva. Her LinkedIn page says she is the vice president of Miami-based Prime Investment Management.

The buyer is a company named O2R Properties, managed by Ophelia S. Sanchez. County records show no other properties owned by that company, which was formed in February this year. O2R financed the purchase with a $9.4 million loan from City National Bank of Florida.

Sanchez is the president and CEO of the Management Resources College at 500 North Le Jeune Road, which is accredited with health, accounting and teaching programs.