The Real Deal Miami

Kislak sells Miami Lakes bulk office condo for $12.2M

Asking rent is $23.95 psf and the building is 98.2 percent leased
By Katherine Kallergis | February 01, 2017 11:15AM

Miami Lakes Corporate Centre. Inset: Jay Kislak

Miami Lakes-based Kislak Organization sold the Miami Lakes Corporate Centre for $12.18 million.

Records show JIK Palmetto LLLP sold the 134,312-square-foot building to Rafel LLC, a Palm Beach Gardens company controlled by Ellen and Richard Freedman. Built in 1986, the Class B office building was renovated in 2015 and includes an attached parking garage.

The property sits on about 2.7 acres at 14750 Northwest 77th Court in Miami Lakes. Tenants include Happy Heart Home Health Care with 11,000 square feet, Neon Workforce Tech with 7,917 square feet and Momentum Consulting Corp. with 7,713 square feet, according to data from the CoStar Group.

The asking rent is $23.95 per square foot and the building is 98.2 percent leased. Vivo Real Estate Group handled leasing and sales, according to CoStar. The listing shows the investment property has a cap rate of 6.65 percent.

The Kislak affiliate bought the 27 office condos between 2014 and 2015, records show. They were on the market for $13.5 million for about five months before they sold to Rafel, which financed the sale with a nearly $8 million mortgage from Wells Fargo.

About two years ago, a similarly sized office building at 5875 Northwest 163rd Street in Miami Lakes sold for $12 million. Companies managed by Faisal Ahmed bought that property.

Kislak, led by chairman Jay I. Kislak and president and CEO Thomas Bartelmo, focuses on the ownership, management and brokerage of multifamily and commercial real estate in Florida, Maine, New Jersey, Texas, Oklahoma and Nevada, according to its website. Multifamily is the bulk of the company’s portfolio, with about 27 properties and 7,334 apartments nationwide.

TRD Researcher Eda Kouch contributed to this report.