Rand Real Estate sells four properties in Miami Gardens for $34M

The buildings sold for $178 psf

Miami /
Mar.March 26, 2020 10:30 AM
Core Investment Properties Fund’s Adam Greenberg and Michael Lapointe with 16101 Northwest 57th Avenue (Credit: Google Maps)

Core Investment Properties Fund’s Adam Greenberg and Michael Lapointe with 16101 Northwest 57th Avenue (Credit: Google Maps)

A company tied to Rand Real Estate Services sold two industrial properties, a retail center and a bank branch in Miami Gardens for $33.6 million.

The buyers are Core Palmetto Owner, tied to Core Investment Properties Fund; and Miami Beach-based TRG SBV II Owner LLC, according to records. The properties are at 5905 Northwest 57th Avenue, 16101 Northwest 57th Avenue, 16341 Northwest 57th Avenue and 16301 Northwest 57th Avenue.

The four buildings total 188,516 square feet, equating to a price of $178 per square foot, records show.

The buyers secured a $22.4 million mortgage from Barclays Capital Real Estate to finance the purchase, records show.

The four properties were built between 1978 and 1981. The properties last traded together for $21.5 million in 2013, according to records.

Westport, Connecticut-based Rand Real Estate Services is a commercial real estate brokerage firm led by Jim Randel, with business in Connecticut and South Florida, according to its website.

Miami-based Core Investment Properties Fund is led by Adam Greenberg and Michael Lapointe. The company and its principals own and manage about 1 million square feet of properties nationwide, according to its website.


Related Articles

arrow_forward_ios
Yamal Yidios and 2545 Northwest 207th Street, Miami Gardens (Google Maps)
Greenstone pays $78M for Miami Gardens apartments
Greenstone pays $78M for Miami Gardens apartments
Miami Gardens warehouse sells for $6M
Miami Gardens warehouse sells for $6M
Miami Gardens warehouse sells for $6M
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)
Former actor sells Miami Gardens hotel for $6M
Former actor sells Miami Gardens hotel for $6M
Renderings of 502 NY 207th Street and Coastland Construction president Alex Rodriguez (Coastland, Miami Gardens)
Touchdown! Housing development near Hard Rock Stadium scores $38M loan
Touchdown! Housing development near Hard Rock Stadium scores $38M loan
Roger DeLisle of Island Associates and 17237 NW 27th Avenue, Miami Gardens (Credit: Google Maps)
Winn-Dixie-anchored shopping center sells for $14M
Winn-Dixie-anchored shopping center sells for $14M
Gilbert Benhamou and the property (Credit: LinkedIn and Google Maps)
Immocorp Capital pays $15M for site of Miami Gardens City Center
Immocorp Capital pays $15M for site of Miami Gardens City Center
Hard Rock Stadium (Credit: Getty Images, iStock)
Why Super Bowl LIV could spark interest in Miami Gardens real estate
Why Super Bowl LIV could spark interest in Miami Gardens real estate
The Center at Miami Gardens (Credit: iStock)
Latigo Group scores $50M loan for Miami Gardens apartments
Latigo Group scores $50M loan for Miami Gardens apartments
arrow_forward_ios

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

Loading...