Key International has disposed of Highland Park Center, a Class A office building in Miami. TopMed Realty, a healthcare real estate private equity firm, acquired the asset for $13.9 million. Institutional Property Advisors, a division of Marcus & Millichap, negotiated on behalf of the seller.
The asset previously changed hands in 2014, when it traded for $7.9 million. According to Key International, the building was vacant at the time of purchase, and now, at the time of sale, the property is 100 percent occupied.
Located at 1011 N.W. Sunnybrook Road, near the Health District, Highland Park Center faces the Dolphin Expressway, the main artery linking Miami International Airport to the Miami Beach. The property is situated across from the Jackson Memorial Hospital, two blocks east from the Miami-Dade Court House and less than 1 mile west from Interstate 95. Constructed in 2011, the 11-story building totals 42,489 square feet of office space and has seven levels of parking.
Senior Managing Director Douglas Mandel and First Vice President of Investments Benjamin Silver of Institutional Property Advisors represented the seller in the deal. In March, Mandel took part in an Orlando-area transaction involving a 150,000-square-foot office building which traded for $13.8 million.