According to The CoStar Group, The Zylberglait Group has sold more office buildings than any other broker over the last 10 years throughout Miami Dade County.

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$19.9 MILLION PORTFOLIO HITS THE MARKET IN SOUTH FLORIDA

  • Posted on February 3rd, 2013
  • at Press Releases

AVENTURA, Fla., Feb. 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a three-property portfolio containing a medical office building with adjacent land for development and a Wells Fargo bank ground lease, all located in Aventura, Fla., an affluent suburban market in northeastern Miami-Dade County. All three properties must be purchased together. The portfolio’s listing price is $19,975,000. The properties are:

  • 2925 Aventura Blvd., a 32,932-square foot medical office building
  • 2929 Aventura Blvd., a 5,200-square foot Wells Fargo bank ground lease
  • A one-acre development site adjacent to 2925 Aventura Blvd.

 

Alex Zylberglait, a vice president investments in Marcus & Millichap’s Miami office, is representing the seller, a local property owner.

“The portfolio provides investors with an opportunity to generate a stable return from the medical office building and the bank’s long-term ground lease,” says Zylberglait. “There are plans in place to build a 45,000-square foot office building with an additional 12,000 square feet of retail on top of structured parking on the land adjacent to the building.”

Proximate to Aventura Hospital, the medical office building is located next to Mt. Sinai Medical Center and the 2,700,000-square foot Aventura Mall. The building’s tenant base consists mainly of medical professionals. The parking ratio is greater than four per 1,000 square feet.

The 20-year Well Fargo Bank ground lease commenced in Sept. 2009 and expires at the end of March in 2030. There is a 10 percent increase in year six, a 30 percent increase in year 11 and a 10 percent increase in year 16.

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