Miami-Based Investor Gets Lucky in West Kendall

A two-building, 55,658-square-foot office park and a vacant development site in West Kendall changed hands recently in an REO sale.
Kendall Executive Center (formerly Lucky Start Executive Plaza)

Kendall Executive Center

A two-building, 55,658-square-foot office park and a vacant development site in West Kendall changed hands recently in an REO sale. IMC Property Management Inc., a full service commercial real estate holding company with headquarters in North Miami, acquired Lucky Start Executive Plaza and its adjacent vacant pad for $12.5 million. HFF marketed the property on behalf of a regional bank, who had acquired the asset in a foreclosure auction.

The newly constructed office park is located at 8765 SW 165th Ave. about four miles south of the Tamiami Trail in the southwestern Miami suburb of West Kendall. The new ownership has renamed it Kendall Executive Center. The two office buildings are 54.1 percent leased to medical and professional tenants. The property includes an on-site day care facility.

The vacant site is poised for the development of a three-story, 89,000-square-foot office building.

The HFF investment sales team representing the seller was led by director Marty Busekrus, associate director Jorge Portela and executive managing director Manny de Zárraga.

Image source: luckystarthomes.com