Miami Gardens office complex listed at $88 per square foot

Brokerage firm Marcus & Millichap said the $16.9 million asking price for the property is "significantly below" its replacement cost

TRD MIAMI /
Sep.September 29, 2018 01:55 PM

18425 Northwest Second Avenue (Credit: LoopNet | CBRE)

An office complex in Miami Gardens has been listed for sale with a $16.9 million asking price, or $88 per square foot.

Despite its 74 percent occupancy rate, the three-building complex yields net operating income equal to 7 percent of the asking price, according to brokerage firm Marcus & Millichap.

Marcus & Millichap investment specialist Alex D. Zylberglait has the exclusive listing to market the Miami Gardens office property at 18425 Northwest Second Avenue, called Lincoln & Washington Square.

“There’s limited lease-expiration exposure over the next few years, very strong upside in occupancy and rental rate growth with a solid rent roll in place,” Marcus & Millichap said in a press release. “The buildings have undergone numerous recent capital improvements.”

The brokerage firm also said the asking price of $88 per square foot for the 191,378-square-foot office complex is “significantly below replacement cost.” – Mike Seemuth


Related Articles

arrow_forward_ios
Core Investment Properties Fund’s Adam Greenberg and Michael Lapointe with 16101 Northwest 57th Avenue (Credit: Google Maps)

Rand Real Estate sells four properties in Miami Gardens for $34M

Rand Real Estate sells four properties in Miami Gardens for $34M
Gilbert Benhamou and the property (Credit: LinkedIn and Google Maps)

Immocorp Capital pays $15M for site of Miami Gardens City Center

Immocorp Capital pays $15M for site of Miami Gardens City Center
Hard Rock Stadium (Credit: Getty Images, iStock)

Why Super Bowl LIV could spark interest in Miami Gardens real estate

Why Super Bowl LIV could spark interest in Miami Gardens real estate
The Center at Miami Gardens (Credit: iStock)

Latigo Group scores $50M loan for Miami Gardens apartments

Latigo Group scores $50M loan for Miami Gardens apartments
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
Daily Digest Miami

Scaramucci slashes his sights on his Opportunity Zone fund, Florida’s first LGBTQ+ senior housing development breaks ground: Daily digest

Scaramucci slashes his sights on his Opportunity Zone fund, Florida’s first LGBTQ+ senior housing development breaks ground: Daily digest
1000 Park Centre Boulevard, Joe Le Bas

Miami Gardens commercial site sells for $19M

Miami Gardens commercial site sells for $19M
Daily Digest Miami

Aston Martin condo tower adds superyacht marina amenity, Sapir wants to sell Edgewater site: Daily digest

Aston Martin condo tower adds superyacht marina amenity, Sapir wants to sell Edgewater site: Daily digest
arrow_forward_ios

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

Loading...