Aztec Group, Inc., a Miami-based real estate investment and merchant banking firm, has announced that Peter Mekras and Brell Tarich have arranged the $15,350,000 sale of Lincoln Square, a 116,560 square-foot suburban office complex located at 18405 NW 2nd Avenue in Miami Gardens, Florida. Lincoln Square was built in 1980 and features two 5-story office buildings on 5.78-acres with frontage on SR-7 (441) just one mile north of the Golden Glades Interchange.
Aztec Group was engaged by Miami-based, TM Real Estate Group to run a broad marketing process to sell the property at the end of 2020. After sourcing and underwriting numerous competitive offers, Aztec assisted the Seller with selecting the buyer, Preminger Investments. The buyer assumed the existing $11,500,000 CMBS loan secured by the property with a fixed interest rate of 4.86% and approximately 8 more years of amortizing term.
“Despite the economic impacts of Covid-19, market concerns with current office utilization, and the added challenge of a buyer assuming a CMBS loan, Aztec and TM Real Estate Group were able to execute a successful sale process for Lincoln Square.” said Peter Mekras, President of Aztec Group. TM Real Estate Group sold Lincoln Square and the adjacent Washington Square for a combined $21,450,000 after acquiring the two-property portfolio, five years ago for a combined $12,600,000.
The Aztec Group team remains active in the Florida Real Estate Market with over $385 million in recently completed sales, joint venture equity, and debt financing transactions for rental apartment communities, retail, hospitality, office, senior housing, and land.