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CORAL GABLES, FL-Colliers Abood Wood-Fay represented Sunset I Ventures Inc. in the sale of two fully leased, side-by-side office buildings in this Miami suburb. Kendar Realty Inc. bought the 49,469-square-foot asset for $8.5 million, or $172 per square foot.

The Park Place I & II buildings, located just off US 1 at 1500 Monza Ave. and 1501 Venera Ave., have a total of 22 tenants. Long-term tenant Baptist Health South recently renewed its lease in Park Place I.

“Pricing an asset during these unstable times with zero to few transactions and finding a qualified buyer can be difficult,” says John Crotty, senior vice president with Miami-based Colliers Abood Wood-Fay who teamed with fellow senior VP David Metalonis on the transaction. He notes that they were able to get a contract signed within days of gaining the sales assignment.

Metalonis adds that the building’s owners were facing a near-term balloon of their existing mortgage and wanted to avoid a maturity default. The buildings were priced correctly and a suitable buyer was found quickly, making the deal “a win-win for both parties,” he says.

Kenneth Rosen, president of Kendar Realty, says Park Place has all the elements that should be sought by commercial real estate investors, such as a strong location, solid tenants and potential for appreciation in value. He says he obtained a mortgage through Ocean Bank at 6% interest.

“There’s plenty of financing available from local and community banks,” says Rosen, a longtime investor and author on the subject. Three banks competed for the deal, he says.

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