Investors list Kendall-area office building for $8.3M

Miami /
May.May 08, 2017 03:40 PM

A group of investors is listing a fully leased office building in the Kendall submarket for sale at $8.3 million, commercial broker Alex Zylberglait told The Real Deal. 

Tamiami Metro LP, an entity controlled by Juan M. Martinez and Hernando Forero’s Metro Capital Managers LLC, owns the two-story, 39,000-square-foot building at 13595 Southwest 134th Avenue in Miami. The partnership bought the Tamiami Metro building out of foreclosure in 2013 for $3.2 million, which means it’s listed for more than double since its last sale four years ago.

It was completed in 2007, but wasn’t built out until 2014. Zylberglait said the lack of new inventory and the increased demand for suburban office space has pushed vacancy rates down from the mid-9 percent to the 7.9 percent in the Kendall submarket. Area rents have risen from about $26 per square foot, full service, to $35 per square foot.

Rents in the building are at $21.50 per square foot. “This is a classic case of a property that was purchased at the right time with the right management team,” Zylberglait said. He and Francisco Baserva, both of Marcus & Millichap, are listing the office building. Tenants in the medical services, food-related, auto and billing firms have long-term leases. The owners handled leasing, Zylberglait said.

“There’s definitely a lot more demand than there is supply for this product,” he said, citing companies like Baptist, University of Miami Health System and Costco, which have locations nearby. The building is east of Miami Executive Airport and north of Zoo Miami.

Rising rents and increased traffic are driving some tenants out Miami’s central business district, Zylberglait said.


Related Articles

arrow_forward_ios
From left: Crow Holdings' Michael Levy and NAI Miami's Robert Eckstein  with Southwest 88th and 91st streets, and between Southwest 162nd and 158th (Google Maps, Crow Holdings, NAI Miami)
Trammell Crow, Baptist scoop up Kendall Town Center dev sites
Trammell Crow, Baptist scoop up Kendall Town Center dev sites
Jimmy Resnick with 11531 – 11631 North Kendall Drive (Google Maps, Getty)
Jimmy Resnick joins South Florida shopping center buying spree with $32M Kendall purchase
Jimmy Resnick joins South Florida shopping center buying spree with $32M Kendall purchase
The Park at Sheffield apartment complex at 15601 Southwest 137th Avenue in southern Miami-Dade County (Google Maps, The Park at Sheffield)
Fruchtlanders pay $36M for apartment complex near Zoo Miami
Fruchtlanders pay $36M for apartment complex near Zoo Miami
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Aloft Miami Dadeland hotel at 7600 Southwest 88th Street (Marriot)
Interdevco pays $16M for Aloft Miami Dadeland hotel
Interdevco pays $16M for Aloft Miami Dadeland hotel
An aerial view of the land with the buyer Dacar Management’s Alberto Micha-Buzali (Google Maps, LinkedIn)
Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
The shopping center at 12495 Southwest 88th Street (Frontier Companies)
Frontier pays $18M for Best Buy-anchored shopping center in Kendall
Frontier pays $18M for Best Buy-anchored shopping center in Kendall
arrow_forward_ios

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

Loading...