BB&T sells foreclosed offices to Kislak
BB&T Bank sold most of an office condo building at 14750 NW 77th Court in Miami Lakes relatively quickly to the Kislak Organization for $6.2 million, giving the private real estate company ownership of more than 90% of the building and majority ownership rights of the condo association.
Kislak bought 19 of the 22 units within the Miami Lakes Corporate Center, totaling 64,511 square feet, at $96 per square foot, according to Caroline Camus, director of sales and operations for Sperry Van Ness Commercial Real Estate Advisors, which represented BB&T. Three privately owned units consist of 6,071 square feet altogether.
“There is no relationship between the owners of the three other small units and The Kislak Organization,” Ms. Camus said.
The property, which was in foreclosure and then owned by BB&T, was listed at the beginning of March, Ms. Camus said, was under contract within 60 days and closed within 120 days at the end of June.
At that time, the building was 36% occupied with an asking rents of $19.50 to $20.50 per square foot.
Ms. Camus pointed out office vacancy in general for the Miami Lakes area is 20.6% according to Costar reports.
“This building had such a high vacancy due to the foreclosure/distressed situation it was in for an extended period of time prior to the bank taking over all the units,” she said. “With a new strong ownership in place, tenants will now have stable ownership with the ability to make improvements to the property, negotiate more aggressively and offer improvement allowances to prospective tenants.”
Kislak, which has multiple office buildings in the Miami Lakes area, plans to upgrade the property and then lease the office spaces, said Matthew Rotolante, managing director of the Miami office of Sperry Van Ness. He said a bidding war developed for the property, with 12 offers in less than 45 days, and his team’s process of marketing properties to the entire brokerage community nationwide was the reason for a quick sale “generating top dollar.”
Mr. Rotolante said this recent sale should help stabilize the area market and raise prices.