The Faith Group Announces Sale Of Three-Story Office Property In North Miami Beach
Alex Zylberglait and Michael Crocchiola of Marcus & Millichap and Roy Faith of FIP Commercial were the brokers in the transaction.
Alex Zylberglait and Michael Crocchiola of Marcus & Millichap and Roy Faith of FIP Commercial were the brokers in the transaction.
The sale price equates to more than $653 per square foot.
Kirk Olson and Drew Kristol, Marcus & Millichap senior managing director investments, represented the seller, Galium Capital, and procured the buyer, an affiliate of JBL Asset Management.
Marcus & Millichap’s Doug Mandel, Zach Levine and Cody Hershey exclusively marketed the property on behalf of the seller and procured the buyer.
Alex Zylberglait and Michael Crocchiola, director investments, represented the seller, a private owner.
Marcus & Millichap’s Drew Kristol and Kirk Olson represented the seller, a local South Florida investor, in the transaction.
The buyer plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
Michael Alaoui, senior director investments in Marcus & Millichap’s Miami office, represented the seller and procured the buyer in an all-cash transaction.
“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments.
Drew Kristol and Kirk Olson exclusively marketed the property on behalf of the seller.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.
