Sale price of $12.175 million is recent Miami Lakes office price-per-RSF record
February 14, 2017
Miami Lakes, Fla. – The Kislak Organization, a national real estate investment firm headquartered in Miami Lakes, Florida, recently sold Miami Lakes Corporate Center at 14750 N.W. 77th Court in Miami Lakes. The majority of the fractured office condo building was purchased in 2014, and the acquisition of the remaining units was completed in 2015, for a combined total price of $7.05 million. Just two and a half years after the initial purchase, Kislak sold the property for $12.175 million.
“We discovered this fractured office property in our own backyard, and put the time, money and effort into it to create a distinctive and desirable office center in a terrific location,” said Tom Bartelmo, president and CEO of the Kislak Organization. “When we took on the project, it was less than 20 percent occupied. Thanks to quality renovations throughout the building, aggressive leasing and attentive property management, it was 100 percent occupied at the time of the sale.”
The property with 75,028 square feet of rentable office space sold for $162 per RSF – the highest price per RSF since 2006 for a Miami Lakes office building 15,000 square feet or larger, according to recent market research.
Rene Vivo and Vivo Real Estate Group represented the Kislak Organization in the initial acquisition, leasing, and this sale to Rafel LLC.
Currently in the midst of another value-add office project in Plantation, Florida – Plantation Professional Park – Kislak continues to seek additional value-add office opportunities in South Florida.