TM Real Estate parts with Miami Gardens office building

TM Real Estate sold an office building in Miami Gardens that houses the Youth and Family center nonprofit.

The Coral Gables-based investment group sold the 72,407-square-foot office building at 111 Northwest 183rd Street for $6.1 million, or $84 per square foot, records show. Washington Square GP Management, which is managed by Zachary Preminger of Palmetto, Florida, bought the property.

The Class C office building, known as Washington Square, sits on a 3.5-acre lot. It last sold as part of a three-property deal in 2015 for $12.6 million.

TM Real Estate Group was founded by Matthew Pellar. In 2017, the company sold a 468-unit residential development at 10 Northeast 188th Street near Miami Gardens for $50 million.

Investors are increasingly looking to acquire industrial and office 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.