Miguel Alcivar, Dominic Montazemi and Scott O’Donnell Negotiated the $8.5 Million Sale of Park Centre on Behalf of N.R. Park Centre, LLC
Director Miguel Alcivar, Managing Director Dominic Montazemi and Executive Director Scott O’Donnell represented N.R. Park Centre, LLC in the disposition. 1111 PCB Holdings LLC acquired the asset for $8.5 million ($149 per square foot). Keller Williams Realty’s Lorne Gornitsky, Lysis Real Estate Development’s Ipek Courtney and Alejandro Jordan, Esq. with Jordan + Pacale, P.L. represented the buyer.
Park Centre is a four-story mid-rise office building developed in 1987 on a 2.9-acre site. The building features attractive landscaping, balconies, a tree-lined fountain feature at the entrance and a parking ratio of four spaces per 1,000 rentable square feet. The building was 92 percent occupied at the time of sale.
Park Centre is conveniently located just northwest of the Golden Glades Interchange of Florida’s Turnpike, Interstate 95, U.S.441, 167th Street and the Palmetto Expressway, providing its tenants efficient access to clients and employees throughout the South Florida region. The average daily traffic counts at this interchange exceed 560,000 vehicles per day, making it the most traveled stretch of road in South Florida. The property is also proximate to both the 382-bed acute care Jackson North Medical Center and Golden Glades Tri-Rail Station.
“Park Centre provided the buyer an opportunity to acquire a stabilized office property that competes favorably in the Northeast Dade office submarket due to its curb appeal, ‘regional’ advantage from immediate access to the Golden Glades Interchange and relative value proposition vis-à-vis pricier alternatives in Aventura,” said Alcivar.
The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Senior Associate Greg Miller and debt financing partner Jason Hochman closed more than $524 million in sales and financing in 2016. Please visit www.southfloridacommercialteam.com for more information about the team.
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