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| Medical office building, Aventura, FL |
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| Alex Zylberglait |
AVENTURA, FL –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, today
announced the sale of approximately three acres of improved commercial property
in Aventura, Fla.
The properties are a 32,932-square-foot medical office
building, a one-acre ground lease on which a new 5,200-square-foot Wells Fargo
bank has been constructed and approximately one acre of additional developable
land. The sales price is $19.3 million.
Alex
Zylberglait, a first vice president investments in Marcus & Millichap’s
Miami office, along with Karen Reiter and Michael Matluck of the
prominent South Florida firm ICS Realty Inc., represented the seller,
Tanglewood 2925 LLC, which is managed by Tanglewood Management LLC and whose
principals are Josh Dubin and Karen Reiter.
Marco Lala and Steven Siegel in Marcus &
Millichap’s Manhattan office represented the buyer, a New York-based private
investor whom Siegel and Lala represented in a 1031 exchange.
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| Karen Reiter |
“The
portfolio is a premium asset in a prime location directly across from the
Aventura Mall,” says Zylberglait. “The office building is a stable asset with
strong medical tenant base.”
“The
acquisition puts the new owner in an excellent position to generate a stable
return from both the medical office building and the bank’s long-term ground
lease and to create more rentable space at premium market rents on the development
site,” says Siegel.
The
medical office building is located at 2925 Aventura Blvd. in Aventura, Fla.
near the Aventura Hospital and next to the Mt. Sinai Medical Center and the
2,700,000-square-foot Aventura Mall.
The Wells Fargo bank is adjacent to the
office building at 2929 Aventura Blvd. and the land for development is on the
west side of the office building at 2925 Aventura Blvd.
Aventura is an affluent
suburban market in northeastern Miami-Dade County one mile from the coast and
between Fort Lauderdale and Miami.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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