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

The buildings sold for $178 psf

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.

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