Chabad of Mid Miami Beach, Inc. has officially closed the purchase of Glades Office Park, a prime office property located at 1515 NW 167th Street in Miami.
The sale, which closed September 20, was brokered by Berger Commercial Realty/Corfac International Senior Vice President Jordan Beck. Beck representing the seller,1515 NW 167 St Holdings, LLC, in the transaction.
The transaction, valued at $15.1 million, marks a significant investment in the South Florida community. Glades Office Park comprises 51,899 square feet of office space across four single-story buildings set on 4.23 acres. The property currently hosts multiple professional office tenants and offers excellent visibility and access from the Palmetto Expressway.
Chabad of Mid Miami Beach plans to expand its existing operations by adding classrooms to the property over time, enhancing educational offerings in the area. This acquisition is particularly notable as the buyer owns the adjacent property to the west, facilitating a seamless integration of their expansion efforts.
Beck commented, “In a market where office space is not the preferred asset type, we successfully identified the perfect buyer, achieving a record price for this property. The buyer’s long-term vision for the site transcends its current income potential, showcasing the value they see in the property for years to come. We’re excited to see the Jewish footprint continue to grow in South Florida.”
This marks the third transaction between Berger Commercial Realty and 1515 NW 167 St Holdings, LLC, further solidifying their partnership. Both parties look forward to the continued development of this relationship and the positive impact it will have on the community.
About Berger Commercial Realty/CORFAC International: Berger Commercial Realty/CORFAC International is a regional, full service commercial real estate firm based in South Florida. Independent and privately owned since its founding in 1998, the firm is a member of CORFAC International, a global network of independently owned commercial real estate brokerage firms. The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more. For more information about Berger Commercial Realty’s brokerage services, CALL 954.358.0900 or visit www.bergercommercial.com.
About CORFAC International: CORFAC International is a global network comprised of privately held entrepreneurial commercial real estate firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 75 offices in the U.S., Canada, and international markets, including Australia, France, Germany, Ireland, Italy, Japan, Malaysia, Netherlands, Romania, Russia, Singapore, South Korea, Switzerland, Thailand, and United Kingdom. CORFAC offices close an average of 10,000 lease and sales transactions valued in excess of $9.0 billion annually, totaling 500 million square feet closed and 65 million square feet managed worldwide.
