Thursday, May 18, 2006

$7M Buy To Spur Office Condo Plan

CORAL GABLES, FL-A 26,865-sf office building at 8585 Sunset Dr. has been sold to PBD Realty LLC for $6.95 million. The new owners are planning to convert the building into office condos and rename it Sunset at Galloway. The project will be completed in December.

Colliers Abood Wood-Fay investments specialists John Crotty and Mia Stierman handled the sale. The seller was 8585 Sunset Ltd. Stierman tells that the building looked tired and required a lot of improvements. So, instead of spending money to improve the building, the seller decided to take advantage of the strong real estate market and sell the property.

Crotty tells that the buyer purchased the property for near its asking price of $7.25 million. Sunset at Galloway will offer spaces that range from 1,200 to 10,000 sf. Among improvements to the building will be a new exterior facade, landscaping, roof, electrical, plumbing and mechanical. The spaces will be delivered to buyers as shell space that can be retrofitted. An on-site sales office has been established for potential buyers to view site plans.
Office condos are becoming more attractive for tenants as investments shift from the stock market to real estate. Among other office condo projects in the area are the former Burger King headquarters on 80 acres in Palmetto Bay, a project in which Stierman is currently involved. “There are so many people who are tired of paying rent and want the pride of ownership,” Crotty says.

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