Miami Gardens commercial site sells for $19M

The property sold for 61% more than its last sale price in 2016

Oct.October 22, 2019 01:30 PM
1000 Park Centre Boulevard, Joe Le Bas

1000 Park Centre Boulevard, Joe Le Bas

Concorde Group Holdings sold two commercial buildings near Miami Gardens for $19.4 million, a 61 percent increase from the last sale price in 2016.

The Boca Raton-based real estate investment firm sold the 139,495-square-foot
buildings at 900 and 1000 Park Centre Boulevard for $139 per square foot, records show. Park Centre Partners LLC, which is tied to Kenneth Israel of Hallandale Beach-based KEI Properties, bought the property.

KEI Properties secured a $11.5 million loan from Wells Fargo to acquire the property.

One of the two buildings houses Chen Senior Medical Center, a family-owned primary and specialty care practice.

The property last sold for $12 million in 2016. It sits on a 7.9-acre lot and is right off the Palmetto Expressway. The buildings were built in 1987.

Investors are increasingly looking to acquire industrial and commercial properties in the Miami Gardens area.

In September, private equity giant Blackstone bought two industrial properties in Miami Gardens for $13.6 million.

In July, Longpoint Realty Partners acquired an industrial park at 1400 Northwest 159th Street in Miami Gardens from ProLogis for $25 million.

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