Marcus & Millichap recently completed the sale of Commons Plaza at 5901 Miami Gardens Drive in Miami. The newly renovated, 56,601-square-foot, three-story office building sold for $16.8 million, equivalent to $297.34 per square foot.
The 2.95-acre lot is located at Northwest 183rd Street and Northwest 57th Avenue, which average over 80,000 vehicles a day. Commons Plaza consists of 144 units (the transaction did not include units 109 and 215) and is 99% occupied by a mix of professional tenants.
“This property has been fully remodeled and stabilized, catering primarily to smaller tenants with a waitlist reflecting the strong demand for this kind of product,” Alex D. Zylberglait says, senior managing director of investments in Marcus & Millichap’s Miami office. “It provides the buyer a solid, in place return with a diversified tenant roster.”
Zylberglait had the exclusive listing to market the property on behalf of the seller, Commons Plaza LLC and procured the buyer, MG Office Plaza, LLC. The property is located within minutes of Florida Memorial University, Miami-Opa Locka Executive Airport and surrounded by nationally-known retailers, including Target, Ross Dress for Less, Lowe’s Home Improvement and Walmart.