North Miami Beach offices trade for 3x last sale

An office building in North Miami Beach recently sold at a premium, joining a handful of commercial properties along Northeast 167th Street.

The three-story, 45,728-square-foot building, at 851 Northeast 167th Street, sold for $5.6 million, according to a deed recorded in Miami-Dade County records on Tuesday.

Osheroff Investments, a company tied to local investor Marc A. Osheroff, sold the 2-acre site to Echad Holdings, which lists Chaim and Aviva Druin in its corporate records.

The building, constructed in 1969, last sold for $1.8 million in June 2006, according to Miami-Dade property records.

In May, Grand Island Place I, a two-building, eight-story apartment complex at 1551 Northeast 167th Street sold for $16.5 million — nearly three times its last sale price of $6 million in July 2010. Marina Palms Yacht Club & Residences, on 172nd Street and Biscayne Boulevard, is a 468-unit development in North Miami Beach, set to begin recording closings this summer.