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NORTH MIAMI, FL-Southern Management and Development LP, based in Boca Raton, FL, has purchased a 24,460-sf office building here for $3.4 million. The price equals nearly $136.96 per sf.

The seller of the Bank of America Building was First States Investors 5000A LLC, a REIT based in New Jersey. City National Bank of Florida provided the acquisition funding.

The four-story building is located at 11755 N. Biscayne Blvd., at the southeast corner of Biscayne and San Souci boulevards. Bank of America will maintain its branch office on the ground floor. Southern Management and Development will handle the property management and leasing of the building.Southern Management and Development owns and manages offices, warehouses, retail centers and apartments, and also develops sites for stores. The company owns and manages 35 shopping centers with more than 4.5 million sf combined in Florida, Tennessee and Indiana. Also in the company’s portfolio are 2,400 rental apartment units in Florida, Tennessee and Kentucky.

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