Weeks after making its first real estate purchase in the U.S. in Broward County, a Chinese investor picked up another commercial property in South Florida, records show.
Jin Yang Real Estate Corporation paid $6.8 million for an office building near Cutler Bay, following the $4.15 million purchase of a Tire Kingdom-anchored shopping center in Lauderhill in late May. The deal, which includes a development opportunity, is one of a few examples of Chinese investment in South Florida in recent months.
Property records show North King Apartments LLC sold the 35,800-square-foot office building at 11285 Southwest 211th Street in unincorporated Miami-Dade to Jin Yang, which breaks down to nearly $200 per square foot. Jin Yang, led by Nanyang Wang and Jinliang Wang of Parkland, financed the acquisition with a $4.3 million mortgage from Mercantil Bank. The seller is led by Yakov Cohen.
The four-story, Class A office building was built in 2008 and is fully leased to tenants that include the Florida Department of Education and AARP, according to LoopNet. It has 13 units and a total of nearly 25,400 square feet of rentable space. The Cutler Bay Office Center was listed for sale at a 6.27 cap rate, and the leases all increase annually by 4 percent or by the consumer price index, according to the listing.
It’s across the street from a Walmart Super Center and just south of the Southland Mall. The building last sold for $5.3 million in 2014.
The broker on the Lauderhill sale, Robert Granda of Franklin Street, previously said the investor plans to buy another property in Broward. Granda could not immediately be reached for comment.
Investors from China paid more than $27.3 billion for U.S. properties last year, more than investors from any other foreign country, according to the National Association of Realtors. But investment has slowed down during the first half of this year. Capital controls implemented since November have made it harder for Chinese firms and individuals to invest in U.S. real estate.
Chinese businesses in the U.S. are also worried the Trump administration will tighten oversight of mergers and acquisitions involving Chinese firms, according to a survey by the China General Chamber of Commerce U.S.A.