The deal was done this way because "additional collateral was encumbered by the lender, including other parcels owned by Dadeland Parcel C," according to Michael Y. Cannon, managing director of Integra Realty Resources' South Florida division. The building has a total assessed value of nearly $6.2 million.
Dayco Properties purchased the 38-year-old property at 7400 SW 88th St. for $91.44 per sf. Luis Lamar of Dayco Properties negotiated for the buyer. Ira Segal, a partner in Dadeland Medical Building Co., represented his group.
In a separate land transaction, a prime Biscayne Boulevard parcel shows how Downtown Miami land has appreciated in 20 years, Integra's Cannon says.
Hyperion Development Group of Palo Alto, CA, operating as Mist Towers, bought the 1.7-acre tract at 824 Biscayne Blvd. for $14.6 million or almost $8.8 million per acre ($201.38 per sf.) The seller was MHLP, whose managers include Miami Heat, FBA II and Samuel Schulman.
In 1985, Biscayne 7/9 Development Associates partners Micky Arison and Howard S. Frank paid $4 million or $2.4 million per acre ($55.31 per sf. MHLP bought the dirt in 1999 for $11 million or $6.6 million per acre ($152.12 per sf).
Hyperion partners are James H. Clark, Thomas A. Jermoluk and Harvey L. Armstrong. Integra's Cannon says the site is suitable for the development of rental apartments or other commercial income-producing product.
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