A South American investment group paid $7.85 million for a 1985 medical office building on Biscayne Boulevard just outside of North Miami’s city limits.
Joken Associates sold the 2.17-acre property at 11645 Biscayne Boulevard, which houses the Miami Beach Community Health Center, a nearly 50,000-square-foot building.
Jonathan Molano of FA Commercial Advisors/Fortune International Realty arranged the off-market deal with Ken Barber, Molano told The Real Deal. He declined to disclose the buyer’s name.
Joken Associates paid $950,000 for the property in 1985, records show. It sits just south of North Miami in unincorporated Miami-Dade.
Molano said the site’s proximity to Bay Harbor Islands, Aventura and MiMo makes it appealing to investors.
Last year, Nancy Karp paid $2.7 million for the neighboring office building at 11601 Biscayne Boulevard with plans to reposition the three-story property.
Commercial properties along the corridor have been selling at an accelerated pace. On 140th Street and Biscayne, the Blackstone Group paid $117 million in July to acquire the Portofino at Biscayne, a sprawling 871-unit apartment complex. Prestige Imports is also expanding its exotic car dealership at 148th Street and Biscayne Boulevard with multiple land grabs in North Miami.