The Kislak Organization, a national real estate investment firm headquartered in Miami Lakes, recently sold Miami Lakes Corporate Center, 14750 N.W. 77 Court.
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. 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 in the time, money and effort to create a distinctive and desirable office center in a terrific location,” said Kislak president and CEO Tom Bartelmo. “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 sale.”
The property with 75,028 square feet of rentable office space sold for $162 per RSF, the highest price per RSF in Miami Lakes since 2006 for office buildings of 15,000 square feet or larger, according to recent market research.
Rene Vivo and Vivo Real Estate Group represented Kislak in the initial acquisition, leasing, and the same to Rafel LLC.