Israeli firm sells Miami Beach office building on 41st Street for $18M
The Israel-based Netz Group sold the Sheridan Center on 41st Street in Miami Beach for $17.85 million.
Records show RMET Sheridan LLC purchased the office building, which marks a rare occurrence of property trading along 41st Street. The buyer is managed by investor Martin Sweren of Palm Beach. No financing was recorded.
The Netz Group, a publicly traded company on the Tel Aviv Stock Exchange, sold the 67,793-square-foot building at 410 West 41st Street and the 17,200-square-foot parking lot at 428 West 40th Street. The five-story building, built in 1986, also fronts Sheridan Avenue and sits on a 14,500-square-foot lot.
Mendel Fellig of Judith Rosen and Associates represented the seller in the off-market deal. Zandra Mederos of Z Luxury Group and Lazaro Vilarchao of Realty Quest represented the buyer, Mederos said. She said her client plans to buy other commercial properties in the area.
Netz acquired the building for $9.5 million in 2011. Tenants include doctors, clinics and banks, and leases are typically for 10 years, according to the firm’s website. South Florida Multispecialty Associates is the biggest tenant with 11,384 square feet and the Florida Center For Allergy & Asthma Care has 9,000 square feet, data from the CoStar Group shows.
The deal breaks down to about $263 per square foot for the building and $563 per square foot for the land.
Commercial sales on 41st Street in Mid-Miami Beach are typically long-term plays. The street, which is home to banks, restaurants like the Forge and kosher eateries, connects Miami Beach’s main north-south arteries, Alton Road and Collins Avenue. Last year, a smaller building at 456 West 41st Street sold for $730 per square foot, or a total of nearly $4 million.
In 2015, Netz sold the HSBC office building nearby at 4100 Pine Tree Drive, which also fronts 41st Street, for $21 million, or $530 per square foot.
The Real Deal researcher Eda Kouch contributed to this report.