Northeast Capital pays $15M for Miami office building

The seller bought the building for $11M in 2017

5040 Northwest Seventh Street (Google Maps, iStock)
5040 Northwest Seventh Street (Google Maps, iStock)

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.

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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.

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