Office Buildings Trade at Vastly Appreciated Prices
A JV between Immocorp Capital and Wynwood Fund acquired the 1925-vintage Dade-Commonwealth Building at 139 NE 1st St for $9.2M from Titan Development. The last time the 43k SF building traded, in 2003, it sold for considerably less: $1.3M.
The property, originally built to be a bank, still has a 32-ton stainless steel vault and its original columns, the South Florida Business Journal reports. The buyers say they will revitalize the property.
In a separate deal, but also one in which an office property enjoyed considerable appreciation, Aventura-based Bonbon Realty bought the 59k SF Doral Commons office building at 8550 NW 33rd St in Doral from Realty Associates Fund IX, an affiliate of Boston-based TA Associates Realty, for over $13M. The four-story building last sold for about $6.2 million in 2011, according to the South Florida Business Journal.
Marcus & Millichap’s Douglas Mandel and Benjamin Silver repped both the buyers and sellers, while Blanca Commercial Real Estate’s Tere Blanca, Danet Linares and Andres del Corral were the leasing agents on the building and assisted the sellers. [SFBJ]