The Real Deal: Foreclosed West Kendall Office Park trades for $12.5M

  • July 23, 2015

An office park in the West Kendall neighborhood that fell into foreclosure two years ago has been sold for $12.5 million.

The Lucky Start Executive Plaza consists of two low-rise office buildings that total 55,658 square feet, according to a news release. The property is 54.1 percent leased by a mix of medical and corporate tenants.

The eight-acre property, at 8765 Southwest 165 Avenue, also houses a sizable undeveloped lot that could later house up to a three-story, 89,000-square-foot building.

Marty Busekrus, Jorge Portela and Manny de Zárraga of commercial brokerage HFF represented the seller, a regional bank who purchased the property out of a foreclosure auction earlier this year.  The recorded price for the property at that time was $10.725 million, according to Miami-Dade County property records.

The buyer is IMC Property Management, a real estate holding company based in North Miami. The company’s portfolio mainly consists of low-rise retail, office and industrial space spread throughout the South Florida, according to its website.

Regions Bank had filed a foreclosure lawsuit in 2013 against Lucky Start’s developers, including Antonio Balestena and Jorge Fernandez, over a $16.45 million mortgage. The two had built the plaza in 2008, the South Florida Business Journal reported. — Sean Stewart-Muniz

- See more at: http://therealdeal.com/miami/blog/2015/07/23/170823/#sthash.bNUg0RKp.dpuf