Kislak buys Bank of America building in Plantation

The 80,000 sf office building traded hands for about $173 psf

Miami /
Nov.November 08, 2018 06:15 PM

1776 North Pine Island Road and Kislak’s Thomas Bartelmo

A Bank of America office building in Plantation just traded hands for $13.85 million.

The Kislak Organization paid about $173 per square foot for the 80,000-square-foot office building at 1776 North Pine Island Road. Transatlantic Investment Management was the seller.

Records show Transatlantic bought the property in 2012 for $10.9 million. The seller was represented by David Duckworth, John K. Crotty and Michael T. Fay of Avison Young, according to a press release. Avison Young’s George Vail helped secure $12.05 million of financing from Popular Bank.

Built in 1986, the three-story office building sits on about 5 acres of land. It sold 90 percent leased to a tenant roster that includes accounting and law firms. Bank of America has occupied the building for a little more than a decade.

Kislak, led by Thomas Bartelmo, focuses on the ownership, management and brokerage of commercial real estate with the bulk of its portfolio consisting of multifamily properties. Last year it sold the newly renovated Miami Lakes Corporate Center for $12.18 million.

The office market in Plantation has grown thanks in part to companies like Virgin Voyages, American Express and Motorola opening offices nearby.

According to a recent Avison Young office report, Plantation had the highest total net absorption level in Broward County in the third quarter, with 78,350 square feet absorbed and no new construction during the quarter.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
1 South Pine Island Road (Newmark)
KPC Properties buys Plantation apartment complex for $46M
KPC Properties buys Plantation apartment complex for $46M
Merrimac Ventures co-CEOs Nitin Motwani and Dev Motwani. (Merrimac)
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
(MMG Equity Partners)
MMG Equity buys Plantation shopping center for $12M
MMG Equity buys Plantation shopping center for $12M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

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

Loading...