Commercial Property Executive Features Our Office Building Listing in Miami’s Hot Submarket
In case you missed it, Commercial Property Executive has featured our listing in Miami’s fast growing West Kendall office submarket.
My team was tapped to market the sale of the Tamiami Metro Office Building, a two-story, 39,069-square-foot office asset in Miami. We are leading the marketing efforts on behalf of seller Tamiami Metro LP, an affiliate of Miami-based Metro Consulting & Management.
Tamiami Metro Office Building was completed in 2007 but the property was foreclosed before the build-out of the interior was finished. Tamiami Metro LP acquired the building in 2013 for $3.2 million and completed the build-out in 2014. Since then, the owner managed to stabilize, lease out the property and put it on the market with a current asking price of $8.3 million.
Located on a 2.13-acre site at 13595 SW 134th Ave., Tamiami Metro Office Building features 143 parking spaces and is currently 100 percent occupied by a mix of tenants, mostly on long term leases. The interior boasts a combination of private offices with Class A finishes and open floor spacing, allowing for a range of uses. The location provides easy access to the Florida Turnpike and the Don Shula Expressway.
The increased demand for suburban office space and the lack of new inventory have pushed vacancy rates down from the mid-nine percent to 7.9 percent in the Kendall submarket. Area rents have risen from about $26 per square foot, full service, to $35 per square foot.