Northeast Capital pays $15M for Miami office building
The seller bought the building for $11M in 2017
An affiliate of a private equity investment firm paid $14.5 million for a nine-story office building south of Miami International Airport.
The Northeast Capital Group affiliate bought the building at 5040 Northwest Seventh Street in Miami, according to records.
The seller is a company managed by Menachem Gurevitch of Netz Group and Mandy Management, real estate companies with offices in Israel and Connecticut. Last year, a separate Gurevitch-led affiliate paid $18.2 million for an office tower next to the courthouse in Fort Lauderdale.
Northeast Capital is based in Ramapo, New York, and is led by Joel Kiss.
Records show the Netz affiliate paid $10.9 million in 2017 for the building, which was built in the 1980s. The seller invested more than $3 million, or $36 a square foot, into the building over the past four years, according to an online listing for the property.
Tenants include CareerSource South Florida, Youth Co-Op Inc., Dr. Pedro Martinez-Clark, Absolute Foot & Ankle Specialists and Borinquen Medical Centers, according to their websites.
Recent office sales in Miami-Dade County include Prologis paying $12.4 million for a one-story office building near Sweetwater, and an Atlanta-based real estate investment firm paying $36.7 million for an eight-story South Miami medical office building.