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75,000-SF Office Building Sells for $9M

MIAMI-MM Real Estate LLC paid about $117.92 per net rentable sf to 5959 Blue Lagoon Partners Ltd. for the class A building here. The buyer, a Spain-based insurance company, plans to consolidate local offices in the building.

By Melissa Bogdany | Updated on October 21, 2003

MIAMI-MM Real Estate LLC, a large insurance company based in Spain, has purchased the 75,266-sf office building in the city for nearly $8.9 million. The price equates to approximately $117.92 per net rentable sf. The seller was 5959 Blue Lagoon Partners Ltd. The company plans to consolidate several of its local offices in the four-story building at 5959 Blue Lagoon Dr.

.The class A suburban office building, which was marketed to an owner-user, was built in 1985. Custom features of the building include a two-story lobby atrium, full-height windows and marble-clad walls.Jack Lowell, vice chairman of Codina Realty Services Inc. Oncor International, and Tere Blanca de Ulloa, formerly with Codina Realty Services, represented 5959 Blue Lagoon Partners Ltd. in the transaction. Luis Espino of CRESA Partners represented MM Real Estate LLC.

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