Miami Gardens Office Building Fetches $149 PSF

Feb 13, 2017 No Comments by

Cushman & Wakefield has negotiated the sale of Park Centre, a 57,105-square-foot office building at 1111 Park Centre Boulevard.

Director Miguel Alcivar, Managing Director Dominic Montazemi and Executive Director Scott O’Donnell represented N.R. Park Centre, LLC in the disposition. 1111 PCB Holdings LLC acquired the asset for $8.5 million, or $149 per square foot. Keller Williams Realty’s Lorne Gornitsky, Lysis Real Estate Development’s Ipek Courtney and Alejandro Jordan, Esq. with Jordan + Pacale, P.L. represented the buyer.

Park Centre is a four-story mid-rise office building developed in 1987 on a 2.9-acre site. The building features a parking ratio of four spaces per 1,000 rentable square feet. The building was 92 percent occupied at the time of sale.

Park Centre is located just northwest of the Golden Glades Interchange of Florida’s Turnpike, Interstate 95, U.S.441, 167th Street and the Palmetto Expressway. The average daily traffic counts at this interchange exceed 560,000 vehicles per day, making it the most traveled stretch of road in South Florida.

 

“Park Centre provided the buyer an opportunity to acquire a stabilized office property that competes favorably in the Northeast Dade office submarket due to its curb appeal, ‘regional’ advantage from immediate access to the Golden Glades Interchange and relative value proposition vis-à-vis pricier alternatives in Aventura,” said Alcivar.

The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Senior Associate Greg Miller and debt financing partner Jason Hochman has closed more than $524 million in sales and financing in 2016.

 

 

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Industry News, Miami-Dade County Office, NA, Office
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