Kristopher Wagner Closes $5 Million in Property Sales

Kristopher G. Wagner, P.A., Director, Commercial Sales with Keyes Commercial Real Estate Company, negotiated the sale of two properties, totaling $5 million.
Wagner, and Richard Spado represented the Seller, Florida City Investment Group, LLC, as well as the Buyer, South Krome Property Investment, LLC, in the sale of a 19,818-square-foot retail and service center located at 335 South Krome Avenue in Florida City.
The center sold for $2,530,000 or $128 per square foot.
The Sellers had renovated what was originally a 10,000-square-foot former boat dealership in the 1980’s and had nearly doubled the size of the property in 2007 and subsequently leased the property to the current tenants. With the recent sale of the Sailfish Landings Shopping Center at $147 PSF, the market had recovered to the point where it made sense to the developer to sell this property.
 

“The property was comprised of three tenants, Fastenal, CrossFit of Homestead/Florida City and PATCHES (Pediatric Alternative Treatment, Care, Housing & Evaluation Services). The buyer was a Pediatrician that works with clients of PATCHES and eventually would like to open an office in the 2,000 square feet of vacant space at the facility to better serve the community’s needs,” commented Wagner.

In a separate deal, Wagner closed on the sale of 82^nd & Biscayne Apartments, a 16,351-square-foot multifamily complex, located at 433 & 437 NE 82^nd Terrace and 460 & 500 NE 82^nd Terrace in Miami.
The complex, comprised of 25 units on 38,040 square feet of land, sold for $2,600,000, or $104,000 per unit ($159 per square foot).
Wagner represented the Seller, Leon Mondesir, in the transaction.  The Buyer, a Canadian multifamily investor, was represented by Keller Williams Realty.
 

“When we first went to market in September of 2013, the property had 35% vacancy, which climbed to 55% in February 2014. The offers that were coming in were from distressed buyers. When the owner replaced the management company in March 2014 and began managing it himself, the vacancy dropped to “0”, the cap rate jumped to almost 10% and a flood of offers came in.  The seller took the opportunity to raise the price and we started the sales cycle over.  Eventually we arrived at this particular buyer and were able to get this deal to the finish line.  With most of the apartment sales in this immediate neighborhood being in the $65-$80,000 per unit range over the past year, this sale represents a market high price at $104,000 per unit,” said Wagner.

Wagner is a member and serves on the Board of Directors of the Commercial Industrial Association of South Florida (CIASF).
CIASF is a non-profit organization of business leaders involved in the development, design, construction, sales, and leasing of Industrial and Commercial Real Estate in South Florida.  The association hosts events each month covering a wide range of topics including the Industrial Market Report in January and the Office Market Report in May, its signature events.
 
 

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