Miami Gardens offices sell at 50 percent loss

Miami /
May.May 27, 2015 11:15 AM

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.


Related Articles

arrow_forward_ios
Grant Cardone and Related's Stephen Ross (Getty; Illustration by Kevin Rebong for The Real Deal)
Grant Cardone sues Hard Rock Stadium, F1 over stolen $750K watch
Grant Cardone sues Hard Rock Stadium, F1 over stolen $750K watch
From left: Bridge Industrial’s Steve Poulos and Kevin Carroll along with 16175 Northwest 49th Avenue and 16175 Northwest 49th Avenue in Miami Gardens (Bridge Industrial, Getty)
Bridge bets on Miami Gardens’ Palmetto Lakes Industrial Park
Bridge bets on Miami Gardens’ Palmetto Lakes Industrial Park
Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral (Southern Oregon University, Google Maps, Largo Honda)
Off the lot: Miami-Dade auto dealership properties trade for $96M
Off the lot: Miami-Dade auto dealership properties trade for $96M
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Cymbal's Asi Cymbal and Hector Torres with rendering of proposed Miami Gardens apartments (Jo Palma + Partners Corporation)
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
 Lionstone's Diego Lowenstein with 5901 Miami Gardens Drive (Lionstone, iStock, Loopnet)
Lionstone roars into Miami Gardens with $17M office building acquisition
Lionstone roars into Miami Gardens with $17M office building acquisition
From left: Edgardo Defortuna, Stephen Ross and Gil Dezer (The Related Companies, Fortune International Group, Dezer Development, iStock)
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
Kushner to co-develop multifamily project south of Hard Rock Stadium
Kushner to co-develop multifamily project south of Hard Rock Stadium
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...