Miami Commercial Campus Trades for $12M
- Oct 25, 2016
Miami—Marcus & Millichap‘s Institutional Property Advisors division recently negotiated the sale of Bent Tree Commercial Center, a 52,664-square-foot commercial campus located at 13926 SW. 47th St. in Miami. Built in 1999, the property is situated on 5.5 acres and traded for $11.5 million.
According to Yardi Matrix, the seller was Innovative Development Group, which bought the property at the end of 2015 from Mattia College. The buyer remains undisclosed. Marcus & Millichap Senior Vice President & IPA Senior Director Douglas Mandel, together with Marcus & Millichap Vice President of Investments & IPA Director Benjamin Silver represented the seller in the transaction, which closed Oct. 14.
The campus-style office park represents an expansion for the new owner, which plans to optimize the center for medical use. The property features eight two-story buildings and a total of 253 parking spaces.
“While a fully vacant office park would typically be a challenging property to sell, it was an attribute, in this scenario, due to the extreme scarcity of available space in Kendall, as well as the property’s unparalleled parking ratio of more than 7 spaces per 1,000 square feet,” Silver said in a prepared statement.“As anticipated by the brokers and owners, the asset received a lot of attention and ultimately went into contract at more than $200 per square foot and closed in just over 3 weeks,” he added.
“The commercial center provided the new owners with the ideal opportunity to expand their medical related business and draw patients from the densely populated surrounding area,” added Mandel.
Image courtesy of Yardi Matrix