Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Marcus & Millichap Vice President Investments and IPA director Benjamin H. Silver negotiated the sale of Bent Tree Commercial Center, a 52,664-square-foot commercial campus situated on 5.5 acres located at 13926 SW 47th Street in Miami.
The 1999-built commercial center was purchased for $11,500,000. The deal closed October 14.
Mandel and Silver jointly represented the Seller in the transaction.
The purchase represents an expansion for the new owner, who plans to optimize the center for medical use. The campus-style office park with 8 stand-alone buildings was previously occupied and owned by a for-profit college, which subsequently closed earlier this year.
“While a fully vacant office park would typically be a challenging property to sell, it was an attribute, in this scenario, due to the extreme scarcity of available space in Kendall, as well as the property’s unparalleled parking ratio of more than 7 spaces per 1,000 square feet,” Silver commented. “As anticipated by the brokers and owners, the asset received a lot of attention and ultimately went into contract at more than $200 per square foot and closed in just over 3 weeks,” he added.
“The commercial center provided the new owners with the ideal opportunity to expand their medical related business and draw patients from the densely populated surrounding area,” added Mandel.
Including this deal, Mandel+Partners has closed 32 transactions this year, valued at approximately $311 million.
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