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The Real Deal Miami

Two office buildings hit the market, could fetch $19M, brokers say

Buildings are for sale as vacancy rates fall and asking rents inch up
August 25, 2017 12:45PM

From left, 5901 Miami Gardens Drive in Miami Gardens and 6800 Broken Sound Parkway in Boca Raton

UPDATED Aug. 28, 2 p.m.: South Florida’s office market rally rolls on.

Two office buildings in Miami Gardens and Boca Raton just hit the market and could fetch a total of more than $19 million, according to CBRE, which has both listings.

The first, a building called 5901 Commons, at 5901 Miami Gardens Drive in Miami Gardens, is asking $7.15 million, according to CBRE. The second building at 6800 Broken Sound Parkway in Boca Raton does not have a listing price, but similar buildings in the area have sold for the mid-$200’s per square foot, CBRE said, pegging the possible price at more than $12 million.

The three-story, 56,650-square-foot office building in Miami Gardens’ asking price equates to about $126 per square foot. It was built in 2008, and is currently 11.14 percent leased, according to LoopNet. CBRE’s David J. Wigoda, Carol Ellis-Cutler and Sean Kelly are marketing the property, according to a release.

The 50,809-square-foot, Class A office building in Boca Raton was recently renovated, according to the release. Records show the owner is 6800 Broken Sound LLC, led by Marc Bell. CBRE’s Wigoda, Jeffrey Kelly and Sean Kelly are representing the seller, which invested more than $1 million in renovations.

Office buildings in South Florida are hitting the market at a time when the office market is stabilizing, with office vacancy rates falling and asking rents inching up.

Last month, CBRE topped Real Estate Alert’s office sales ranking. CBRE also took over the top spot as the country’s most active investment sales brokerage for the first time since 2013 as overall deal volume continued to drop. – Amanda Rabines