Kislak sells Miami Lakes bulk office condo for $12.2M

Miami /
Feb.February 01, 2017 11:15 AM

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. 


Related Articles

arrow_forward_ios
Jet Aviation signs $120M Opa-Locka airport deal
Jet Aviation signs $120M Opa-Locka airport deal
Jet Aviation signs $120M Opa-Locka airport deal
An aerial of Bridge Point AVE with Bridge Development CEO Steve Poulos (courtesy of Bridge Point Development)
Bridge Development scores $78M construction loan for Opa-locka industrial park
Bridge Development scores $78M construction loan for Opa-locka industrial park
USpharma CEO Dr. Manesh Dixit, Ivy Realty Co-CEOs Russell Warren and Anthony Ditommaso and 13900 Northwest 57th Court in Miami Lakes (Photos via First Time; Ivy Realty; Google Maps)
Ivy Realty pays $18M for Miami Lakes industrial building
Ivy Realty pays $18M for Miami Lakes industrial building
13955 Northwest 60th Avenue, Miami Lakes with (from left) Jose Oliva, Oliva Cigar Compant's Cory Bappert and J. Cortes Cigars' Frederik Vandermarliere (Google Maps, Twitter, YouTube/OlivaCigars and J. Cortes)
Family of former Florida House speaker sells Miami Lakes warehouse to cigar company
Family of former Florida House speaker sells Miami Lakes warehouse to cigar company
Frank Trelles and 5980 Miami Lakes Drive, Miami Lakes (Credit: Google Maps)
From underwear to surgical masks: Isaco sells Miami Lakes warehouse for $15M
From underwear to surgical masks: Isaco sells Miami Lakes warehouse for $15M
Brookfield’s Brian Kingston and 14100 Northwest 60th Avenue (Google Maps)
Brookfield snags Miami Lakes warehouse for $22M
Brookfield snags Miami Lakes warehouse for $22M
Greg Ward, Ward Law Group at 6625 Miami Lakes Drive (Credit: Google Maps)
Ward Law buys Miami Lakes building for new HQ
Ward Law buys Miami Lakes building for new HQ
Jay Kislak, chairman of The Kislak Organization, dies at 96
Jay Kislak, chairman of The Kislak Organization, dies at 96
Jay Kislak, chairman of The Kislak Organization, dies at 96
arrow_forward_ios

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

Loading...