Miami Lakes Corporate Center Sells for $8.4 Mil

MIAMI LAKES, FL-AMC Delancey Group Inc. of Philadelphia, PA and Aquila Property Co. of Coral Springs, FL have formed a joint venture to buy the 74,000-sf Miami Lakes Corporate Center from Palm Beach-based Esko Properties Inc. for $8.4 million or $113.51 per sf.

Miami Lakes is a 39-year-old, five-square-mile residential and business community about 12 miles northwest of Miami.

The property is 82% occupied and will be undergoing significant capital renovation, according to Aquila president Jordan Paul. Existing tenants include American Express and regional accounting, law and architectural firms.

The property will be managed by Aquila and leased by Abood & Associates. The asking rent for future tenants will be $21.50 per sf, full service gross.

Aquila and AMC Delancy anticipate doing other joint ventures next year, Paul says in a prepared statement. Besides Paul, other Aquila principals are Jordan Paul, Thomas Weber and Andrew Belew. AMC Delancey is an affiliate of King of Prussia-based AMC Group LLC.