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TM Real Estate parts with Miami Gardens office building
The sale comes amid heightened demand for commercial properties in Miami Gardens
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.