Israeli investment firm buys office building near Miami International Airport

Nine-story building traded for about $132 psf

Oct.October 04, 2017 10:30 AM

50Forty on 7th, From left: Scott O’Donnell, Dominic Montazemi, and Miguel Alcivar (Credit: Kushman & Wakefield)

An Israeli investment firm just paid $10.9 million for an office building near Miami International Airport, according to a release.

Netz U.S.A. LLC bought the 82,763-square-foot building from Montreal, Canada-based entity TMSA Altis 5040 LLC. The nine-story building, 50Forty on 7th, at 5040 Northwest 7th Street, traded for about $132 per square foot.

Records show the seller bought the property out of foreclosure in 2013 for $5.7 million from First Citizen’s Bank. Since then, the seller invested more than $2 million in renovations and improvements, according to the release.

Cushman & Wakefield’s Scott O’Donnell, Dominic Montazemi and Miguel Alcivar, and Frank Guerra of Altis Cardinal, LLC, represented the seller.

50Forty on 7th, built in 1986, sits on 1.76-acre lot. The property is near Waterford at Blue Lagoon Corporate Park and the Dolphin Expressway.

Tenants include the city of Miami’s Internal Affairs Department, Career Source and Borinquen Medical Centers. The property is currently 70 percent leased, according to the release.

Netz U.S.A LLC is a U.S. subsidiary of the Netzgroup Ltd., a publicly traded Israeli company that owns and manages more than 4,000 apartments and eight office buildings throughout the United States, according to its website.

The trade was among a number of deals that were delayed because of Hurricane Irma, according to the release. The property was originally scheduled to close in September. Delays could be a result of lenders requiring re-inspection of properties under contract. –Amanda Rabines

Related Article

3201 Southwest 15th Street (Credit: Google Maps)

“Chicken Soup for the Soul” publisher sells Deerfield Beach building

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

AmTrust office building at 2701 Ponce de Leon in Coral Gables

AmTrust Bank building sells in Coral Gables

1700 Palm Beach Lakes Boulevard, and from left, Scott O'Donnell, Mike Ciadella, Dominic Montazemi, Gregory Miller and Miguel Alcivar (Credit: Google Maps)

Capstone buys office building in West Palm Beach for $19M

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project