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KEI Properties buys Miami Gardens office complex for $9M
Hallandale Beach real estate company picked up the four-building property in an off-market deal
Fresh off buying a Hialeah office-retail property, KEI Properties picked up an office complex in nearby Miami Gardens for $9.1 million.
An entity tied to Niznik Behavioral Health sold Plaza Executive Centre North at 1515 Northwest 167th Street in an off-market deal, said Julian Huzenman with FIP Commercial Realty. Huzenman represented the seller and the buyer.
The deal equates to $176 per square foot.
The four single-story buildings on the 4.2-acre site were completed between 1972 and 1974, records show. In 2017, Niznik’s affiliate paid $6.5 million for the property.
Niznik currently occupies roughly 23,000 square feet of the 51,000-square-foot complex and will remain, Huzenman told The Real Deal.
KEI Properties, a Hallandale Beach-based real estate firm led by Kenneth Israel, bought a 41,000-square-foot office and retail building in Hialeah for $7.7 million last week.
Huzenman, whose firm is also handling leasing for the office complex, said he knew Israel was on the hunt for deals and approached him about the seller’s interest in an off-market deal.
“I explained what the deal structure would be, and we moved forward,” Huzenman said. “He put it under contract and did his due diligence. The sellers were happy. The [sale price] was a number they were looking for.”
Israel did not respond to a phone message seeking comment.
KEI Properties is acquiring a solid asset with a strong tenant in Niznik, with the opportunity to value-add by signing new tenants, Huzenman said. The site is near the Golden Glades Interchange and within a 15-minute drive to Aventura, Sunny Isles Beach, Miami Beach, Golden Beach, Hollywood and Hallandale Beach.
Since the pandemic began, single-story office buildings have been in high demand, Huzenman said. “We started leasing up these types of properties with people looking to get out of [taller] buildings and didn’t want to get into elevators,” he said. “There were other owner-users who were looking at this asset.”
KEI Properties’ latest acquisition is near another Miami Gardens property — an office and showroom warehouse at 900-1000 Park Centre Boulevard — that the firm acquired for $19.4 million in 2019.