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State Farm Building Sells for $800,000

MIAMI-Local developer and owner 1377 Group LLC paid $100 per sf to State Farm Mutual Automobile Insurance Co. for the 8,000-sf building. State Farm has sold at least two facilities here since last summer.

By Melissa Bogdany | Updated on April 29, 2004

MIAMI-A former State Farm insurance building here has been sold for $800,000. The price represents $100 per sf. The buyer for the 8,000-sf building was 1377 Group LLC, a local developer and owner. The seller was State Farm Mutual Automobile Insurance Co. of Illinois.The two-story office building, located at 1637 N.W. 27th Ave., is situated on a 15,000-sf parcel. J. Brett Houston of Resource Real Estate Group Inc. represented State Farm. Gabriel Serrano of Summit Realty represented 1377 Group LLC. Both agents are locally based.This isn’t the first local asset that the insurer has shed in recent month. State Farm also sold a 10,000-sf operations building to attorney Alan Roscoe for $1.4 million or $135 per sf, last summer. That building is located at 15055 S.W. 122nd Ave. Houston represented State Farm in that transaction as well.

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