Last Building in Blissco Portfolio Sells for $5M

CORAL GABLES, FL-The last office building in the four-building Blissco portfolio has been sold. The buyer was PLC 2151 Le Jeune Rd. LLC, whose principal is Pablo Cejas. The building, located at 2151 Le Jeune Rd. here, was sold by the court-appointed receiver for Blissco Properties Inc. for a little more than $4.5 million. The sale closed Oct. 29. The building, with 33,000 rentable sf, is 76% occupied. Union Planters Bank is a major tenant there.

The sale was expected to close by August. However, the first contract holder did not close, so the sale took longer, according to Stephen Nostrand, director of mortgage and investment banking for Codina Realty Services Inc. Oncor International represented the court-appointed receiver for Blissco. The buyer was the next-highest bidder. In all, 14 offers were received.

Codina Realty Services is handling the leasing for the buyer, and Charles Treister of Beacon Realty Advisors Inc. represented the buyer.