TM Real Estate Group sold the Lincoln Square office complex in Miami Gardens for $15.35 million.
Coconut Grove-based TM Real Estate sold the office park at 18405 Northwest Second Avenue to Preminger Investments, according to a news release. The buyer assumed an $11.5 million CMBS loan on the property with a fixed interest rate of 4.9 percent and about eight more years of amortizing term.
Peter Mekras and Brell Tarich of Aztec Group marketed the property and arranged the sale.
The two five-story buildings total 116,560 square feet on 5.8 acres. Lincoln Square was built in 1980, records show.
TM Real Estate, led by Matthew Pellar, had bought Lincoln Square, along with the adjacent Washington Square at 111 Northwest 183rd Street, in 2012 for $12.6 million, according to the release.
Preminger, through affiliate Washington Square GP Management, also bought Washington Square in December 2019 for $6.1 million. The 72,407-square-foot building is on 3.5 acres fronting Northwest 183rd Street.
Preminger Investments, led by Zachary Preminger, invests in commercial real estate, focusing on $10 million to $100 million deals, according to its LinkedIn. It lists offices in Bethesda, Maryland, and Palmetto, Florida.
TM Real Estate is a real estate investor, developer and manager that focuses on mixed-use and multifamily, according to its website. It has bought, sold and financed more than 5,000 residential units and 600,000 square feet of office space since 2009. It says it bought Lincoln and Washington squares as distressed properties.
Miami Gardens has had a somewhat active couple of months for commercial real estate deals. In January, Aventura-based The One Real Estate Partners bought the 30-unit Gardens Club multifamily community for $8.6 million, and doughnut shop Krispy Kreme sold its location at 530 Northeast 167th Street to New York-based Bremen House for $9 million.
South Florida office sales also have been active, overall. The biggest recent deal was Blackstone Group’s purchase of two office towers at Brightline’s MiamiCentral station for $230 million.