Real Miami Commercial Real Estate has purchased North Miami Business Park for $21.25 million. The 214,318 square-foot, 12-building asset located on N.E. 149th St. in North Miami traded for just over $99 per square foot. The seller, TA Associates Realty in Boston, bought the building in 2005 for $21.75 million. Douglas Mandel and Benjamin Silver from Institutional Property Advisors represented the seller in the transaction.
“The buyer anticipates tremendous rental rate growth driven by increased demand for small-bay warehouse space and the nearby development of SoLe Mia Miami, a joint venture between Turnberry Associates and LeFrak, which will add 4,390 residences, 1 million square feet of commercial space and a 150-key room hotel,” Mandel said.
