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UM buys office building in Deerfield Beach

55,600 sf facility traded for about $150 psf

Office building at 1300 East Newport Center Drive and nearby Sylvester at Deerfield Beach clinic (Credit: LoopNet and UM)
Office building at 1300 East Newport Center Drive and nearby Sylvester at Deerfield Beach clinic (Credit: LoopNet and UM)

The University of Miami just paid $8.2 million for an office building near one of its clinics in Deerfield Beach, property records show.

The Coral Gables-based university bought the 55,600-square-foot office building at 1300 East Newport Center Drive for about $150 per square foot. Its Sylvester at Deerfield Beach clinic is nearby, at 1192 East Newport Center Drive. A spokesperson for the university was not immediately available for comment.

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Records show 1300 Newport Center Drive LLC, managed by Orhan Karakaya, Hasibe Karakaya and Zuhal Karakaya, is the seller. The Karakayas bought the office building in 2014 for $5.4 million. It has remained vacant since then.

The University of Miami is also in the midst of expanding its Coral Gables campus. Last year it announced it was ready to spend $155 million to build an 1,100-bed dormitory complex next door.

Nearby developments underway in Deerfield Beach include Ram Realty Services’ mixed-use apartment complex, Deerfield Station; Group P6’s Elysian and Fordham condo buildings; and Pioneer Grove, a 119-acre redevelopment of the city’s old downtown.

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Commercial Real EstateDeerfield BeachMiami