Premier Hotel Realty announced today that it closed the bulk sale of 17 industrial/retail condo units in Palmetto Expressway Business Center II located just off the Palmetto Expressway in Miami Gardens, Florida for $4.5m.
Premier Hotel Realty marketed the property on behalf of a court appointed receiver for the seller, BB&T. The purchaser of the property was a cash buyer that recognized the potential of South Florida’s industrial market and the unique character of the property and its location. The property was offered partially tenanted. Several strong buyers showed interest in the property and fuelled the bidding.
Palmetto Expressway Business Center is situated at the intersection of 165th Street and 47th Avenue, just south of the Palmetto Expressway. Converted to condos around 2007, two of the 19 units in the park were previously sold. This sale represents the remaining foreclosed units. The property is home to several retail tenants as well as community religious and service tenants.
Premier Hotel Realty’s agent working on the sale was Rick Tobin.
Rick Tobin said, “The sale of this facility demonstrates the continued strength and desirability of South Florida as one of the world’s most highly sought after commercial markets. The bidders recognized the opportunity to rehabilitate a property that has an incredible location and the potential to create significant value.”
Premier Hotel Realty, lead by broker Rick Tobin, is based in Fort Lauderdale, Florida and globally markets a wide variety of commercial properties. For more information contact Premier at info@PremierHotelRealty.com or call 954-892-5580.