Office Condos Trade For $300+ PSF

Feb 18, 2014 No Comments by

Pointe Group Advisors has sold two owner-occupied office condos totaling 5,489 square feet at Bay Point 4770 Biscayne to Alaxel Florida LLC and 4770 Holdings LLC, announced William H. Holly, President of Pointe Group Advisors.

Miami-based Alaxel Florida, a medical supply distribution company that provides products to Venezuelan hospitals, purchased the 1,282-square-foot suite 1470 at 4770 Biscayne Blvd. for $340 per square foot.

The 4,207-square-foot suite 1000 was purchased for $302 per square foot by 4770 Holdings LLC, which is owned and operated by Virginia Easley Johnson. The owner-occupied space serves as the Miami office of Foley & Mansfield, a national full-service law firm.

“These transactions mark the return of prices per square foot that we have not seen since 2007 and show a strong sign of market recovery,” said Holly.

“The tower’s unobstructed water views are a great selling point for buyers, especially because zoning restricts the view from being obstructed,” said Bert Checa, the building’s exclusive agent with Pointe Group Advisors. “Both buyers were already leasing the spaces and realized the ownership value of the office condos in this building. In addition, ownership offers the companies the opportunity to build equity and appreciation.”

Office condos seem to be making a comeback.  George Sacks, principal at Commercial Florida Realty Services, announced six office condominium sales in recent weeks at the Sanctuary Centre in Boca Raton, which is now sold out of all of its developer-owned space.

Pointe Group Advisors represented the seller, NKW Biscayne Investments LLC, and the buyer, 4770 Holdings LLC, in the transaction of suite 1000. Pointe Group Advisors also represented the seller, 4770 Resources LLC, and Fortune International Realty represented the buyer, Alaxel Florida, in the transaction of suite 1470.

 

 

 

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Industry News, Miami-Dade County Office, NA, Office
No Responses to “Office Condos Trade For $300+ PSF”

Leave a Reply