Beacon nabs Kendall office building for $20M

Coral Gables-based firm paid $316 psf for 117 Professional Arts Center

Miami /
Apr.April 25, 2022 01:30 PM
Beacon Real Estate Group's Richard Kulick with 117 Professional Arts Center (Cushman & Wakefield)

Beacon Real Estate Group’s Richard Kulick with 117 Professional Arts Center (Cushman & Wakefield)

UPDATED, April 26, 2:45 p.m.: Beacon Real Estate Group acquired a Kendall office building for $20 million, as the sector rebounds from the pandemic.

An affiliate of the Coral Gables-based commercial real estate investment firm bought 117 Professional Arts Center at 11731 Mills Drive in southwest Miami-Dade County, records show.

Beacon Real Estate, led by Richard Kulick, Carlos Imery and Luis Aguirre, paid $316 a square foot for the 63,206-square-foot office building.

A Cushman & Wakefield team led by Miguel Alcivar and Dominic Montazemi represented the buyer and the seller, an affiliate of Miami-based The Green Companies, led by President James Bernstein. In 2019, The Green Companies paid $13.2 million for the four-story building that was completed in 2008.

During its ownership, The Green Companies increased 117 Professional Art Center’s occupancy from 85 percent to 100 percent, extended the average lease term for tenants to more than eight years and streamlined operational expenses, Alcivar said in a statement.

The building’s tenants include Vitas Healthcare Everglades University. The center’s stable, long-term credit cash flows was among the reasons Beacon Real Estate was interested in the property, Alcivar said.

Founded in 1967, Beacon Real Estate controls more than 10 million square feet of commercial real estate across the U.S., according to the company’s website.

In South Florida, the company previously owned a shopping center in Boca Raton that it sold in 2017. Beacon also sold the site for the Elysee Miami condo project in Edgewater to Two Roads Development in 2015 for $22 million, Imery said. Beacon paid $4 million for the property in 2011.

Miami-Dade’s office market is riding high, according to a recent JLL report. Average asking rents grew for the seventh straight quarter, up 10.2 percent in the first quarter, year-over-year, to $48.66 a square foot. Miami-Dade, overall, had a vacancy rate of 18.8 percent in the most recent quarter, the report states.

Another first quarter report by Cushman & Wakefield shows the Miami-Dade office market has rebounded since the start of the pandemic in 2020. The average asking rent was above $50 a square foot during the most recent quarter compared to under $50 a square foot during the same period in 2020. The overall vacancy rate tumbled from 20 percent in the first quarter of 2020 to below 15 percent in the most recent quarter, the report shows.

Correction: A previous version of this story misstated the sale date and price of the Elysee Miami development site.





    Related Articles

    arrow_forward_ios
    Ilya Karpov with 3026 North Bay Road
    Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
    Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
    5700 Sunset Drive, 19M
    Sunrise investors buy South Miami retail building for $19M
    Sunrise investors buy South Miami retail building for $19M
    Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures)
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    US HUD Secretary Marcia Fudge (Getty, iStock)
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    The Park at Sheffield apartment complex at 15601 Southwest 137th Avenue in southern Miami-Dade County (Google Maps, The Park at Sheffield)
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    The Oceana in Key Biscayne (Condo.com, iStock)
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect)
    Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
    Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...