TM Real Estate Sold Miami Gardens Office Park for $15M
TM Real Estate Group sold the Lincoln Square office complex in Miami Gardens for $ 15.35 million.
TM Real Estate, based in Coconut Grove, sold the office park on Northwest Second Avenue 18405 to Preminger Investments, according to a press release. The buyer accepted a $ 11.5 million CMBS loan on the property at a fixed rate of 4.9 percent and a payback period of approximately eight additional years.
Aztec Group’s Peter Mekras and Brell Tarich marketed the property and arranged the sale.
The two five-story buildings have a total of 116,560 square feet over 5.8 acres. Lincoln Square was built in 1980, records show.
TM Real Estate, led by Matthew Pellar, bought Lincoln Square along with the adjacent Washington Square at 111 Northwest 183rd Street in 2012 for $ 12.6 million.
Preminger also bought Washington Square for $ 6.1 million through its subsidiary Washington Square GP Management in December 2019. The 72,407 square foot building sits on 3.5 acres across from Northwest 183rd Street.
Preminger Investments, led by Zachary Preminger, invests in commercial real estate and focuses on deals valued at $ 10 million to $ 100 million, according to LinkedIn. It lists offices in Bethesda, Maryland and Palmetto, Florida.
TM Real Estate is a real estate investor, developer and manager who, according to its website, is focused on mixed use and apartment buildings. Since 2009, the company has bought, sold and financed more than 5,000 residential units and 600,000 square meters of office space. It is said to have bought the Lincoln and Washington places as distressed properties.
Miami Gardens has had a few months active in commercial real estate operations. In January, Aventura-based The One Real Estate Partners bought the Gardens Club multi-family community for $ 8.6 million, and donut store Krispy Kreme sold its location at 530 Northeast 167th Street for $ 9 million. Dollar to the New York-based Bremen House.
Overall, office sales in South Florida were also active. The biggest deal in recent times was the purchase of two office towers at Brightline’s Miami Central Station for $ 230 million by the Blackstone Group.
Contact Lidia Dinkova