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Miami Gardens Office Building Sells for Nearly $17 Million

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.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.