Freshwater Group buys Miami office building

It last sold for $3.5M in 2005

Miami /
Feb.February 03, 2020 11:30 AM
1800 Southwest 27th Avenue

1800 Southwest 27th Avenue

UPDATED, Feb. 3, 1:35 p.m.: Freshwater Group paid $7.2 million for an office building near Coral Way in Miami.

The Brooklyn-based private equity real estate firm closed on the six-story, 33,407-square-foot office building at 1800 Southwest 27th Avenue, said managing partner Joey Sayegh.

Property records show 1800 Professional Building LLC, led by Julio Del Rey, sold the 51,722-square-foot building for $216 per square foot. The family owns a line of “love hotels,” that offer guests short-term stays, including hourly, in rooms equipped with Jacuzzis and private driveways.

Andros Sarduy and Giovanni Vasquez of Fortune International Realty represented the buyer and seller.

The office building sits on a 51,722-square-foot lot. Zoning allows for 97 residential units to be built. Sayegh said Freshwater plans to keep the building for about three to seven years and does not plan to redevelop the site.

It last sold for $3.5 million in 2005.

The building is 98 percent leased to a majority of medical tenants and lawyers, Sayegh said. The average rent is about $35 per square foot. It’s about five blocks north of Coral Way, near the Silver Bluff neighborhood. It also has ground-floor retail space.

Freshwater, which was active in Miami-Dade in recent years, has shifted its focus to markets such as Dallas. The company acquired about 500 multifamily units in North Miami Beach, Miami Beach and Hialeah in 2018.

“Miami is really tight now,” Sayegh said. “We moved onto Dallas. We’re still looking, but it’s been quite dry [in Miami].”


Related Articles

arrow_forward_ios
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
The Coral Gables office building (United Dream Real Estate, Getty)
Dental clinic buys distressed Coral Gables office building for $7M
Dental clinic buys distressed Coral Gables office building for $7M
MG3 Group executives Marcelo Saiegh, Gustavo Bogomolni andHernan Leonoff with the Doral building (MG3, CBRE)
MG3 Group buys Doral offices for $96M
MG3 Group buys Doral offices for $96M
Related CEO Jorge Pérez, President Jon Paul Pérez and the waterfront property (Related, CBRE)
Mexican firm buys former Related Group downtown Miami HQ for $24M
Mexican firm buys former Related Group downtown Miami HQ for $24M
arrow_forward_ios

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

Loading...