$10M in Office Condos Sold at Retail Destination

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-A total of 16 units have been sold within TIAA-CREF’s newly constructed pair of medical office condo buildings located within the Palms at Town & Country retail center. The 33,000 square feet of sales are valued at $10.5 million, according to Miami-based Kenneth Weston & Associates Inc., which is marketing the property on behalf of owner TIAA and developer Flagler Development Group.

One Seventeen Professional Arts Center, located at SW 117th Avenue and SW 82nd Street in Kendall, totals 133,000 square feet within two four-story buildings that were completed at the end of 2008. The newly closed units bring the 69,000-square-foot East building to 75% sold, Ken Weston, president with Kenneth Weston & Associates, tells GlobeSt.com. The 64,000-square-foot West building remains 100% available. “The office condo buyers include several family practitioners and specialists, all of which will benefit from the value of the real estate and the value of their practice,” reveals Weston. “We’re also talking to ambulatory surgical centers, a cancer therapy center, two diagnostics/imaging centers and two large multi-specialty groups looking to purchase the entire second building.”