MIAMI—The tallest multi-tenant office building in Miami Lakes, FL has traded hands. The building, which sits on a 1.73-acre lot at 7850 Northwest 146^th Street, sold for $4.5 million.

Avison Young principal John K. Crotty and managing director Michael T. Fay, represented the seller, Battle & Keen Associates. Gator Development Corp. acquired the office building.

Battle & Keen, an insurance company, is the original developer of the office building, which is 85% occupied. Avison negotiated a deal to allow the seller to lease back the space.

"We found the perfect end-user who was attracted to the income security and amenities that this building within Miami Lakes provides," Crotty tells GlobeSt.com. "The new ownership, a major real estate company, plans to take advantage of the asset's value-add opportunities and establish its new location at the address from which to run its portfolio of retail centers around the country."

Located on the west side of Miami Lakes Executive Center, directly off of Commerce Way, the office building offers tenants direct access to the Palmetto Expressway, Interstate 75, and Florida's Turnpike. The class B office building is centrally located within a developed area with strong traffic counts, population density, and economic demographics that attract local and national businesses.

"Due to its central location in Miami Lakes drawing quality talent and business from the tri-county area, as well as the option to reposition tenants for an owner/user space, the property attracted the ideal buyer," Fay tells GlobeSt.com. "With quality office product for sale or lease within South Florida's core markets becoming scarce and more expensive as a result, the Miami Lakes submarket is the perfect location for the new owner/user to draw business from the tri-county area."

According to figures released in 2015 by the U.S. Census Bureau, Miami ranked fifth among the 50 largest cities in the US with the fastest growing population growth, which speaks to market's improvement in economic fundamentals and increase in jobs—all macro factors directly contributing the commercial real estate market.

"The highest job growth in Miami was experienced in the professional and business services sector, in line with in-place tenancy at 7850 NW 146th Street," Crotty says. "This, coupled with locational convenience for the buyer's business, made the property a sure choice for new ownership."