A 62,343 sf office building sold for $6.85M, according to RARE CRE, who brokered the off-market deal.

The buyer, a subsidiary of Mapei Corporation, paid about $110 per square foot for the building at 1350 E. Newport Drive which was part of a two-building office park named Southlake Office Park, said Jamie Zambrana, Managing Partner of RARE CRE.

IMC Equity Partners sold the building. Records show IMC paid $10,000,000 for both buildings in the Southlake Office Park in 2015.

“We represented both the buyer and seller in efficiently executing an all-cash, off-market transaction in a very short timeframe”, said Zambrana.

The office building has highway visibility on the west side of Interstate 95 and is approximately 74% occupied.

 “We acquired the office park including this building three years ago and were able to create sufficient value and achieve near market occupancy exactly as planned. This sale is in-line with our current investment strategy and made sense given the value we were able to create and harvest.” said Carlos Segrera of IMC.

South Florida-based RARE CRE was founded in 2017 by Jamie Zambrana and Nelson Garcia and has been quickly making a name for itself in facilitating off-market transactions and providing institutional capital advisory services to middle-market owners and developers in South Florida, who RARE calls ‘CRE Entrepreneurs’.

For more information, visit www.rarecre.com