PLANTATION

OFFICE BUILDING

ACQUIRED FOR $2M

Location: 1368 N. University Dr.

Seller: Plantation Key Office Park, by Plantation KOP, general partner, represented by Paul Douglas, managing member.

Buyer: Plantation Key Holdings, represented by Thomas L. Grossjung, manager.

Price: $2 million or $91.57 per square foot based on 21,841 square feet of building area, or $21.35 per square foot based on 93,698 square feet of total land area.

Total Assessed Value (2009): $1,436,910 or $65.79 per square foot of building area, or $15.34 per square foot of total land area.

Financing: No financing reported.

The office building was built in 1982 and is situated on 2.15 acres. A prior sale reported was in March 1998 for $7.8 million.

MIAMI

BUILDING SELLS

FOR $2,143,923

Location: 2500 NW 79th St.

Seller: Centres AZ Seventy Ninth Street, by Centres Inc., managing member, represented by David K. Charlton, president.

Buyer: Bak II Bak Properties, represented by William Rhodes, CEO.

Price: $2,143,923 or $309.15 per square foot based on 6,935 square feet of building area, or $61.49 per square foot based on 34,866 square feet of total land area.

Total Assessed Value (2009): $1,124,577 or $162.16 per square foot of building area, or $32.25 per square foot of total land area.

Financing: No financing reported.

The building, zoned retail, was built in 2008 and is situated on 0.8 acre. No prior sales were reported.

SUNNY ISLES BEACH

MIXED-USE BUILDING

SELLS FOR $4.8M

Location: 16100 Collins Ave.

Seller: Malibu Plaza on the Bay, represented by Sidney S. Koslovsky, managing member.

Buyer: The City of Sunny Isles Beach, represented by Rick Conner, city manager.

Price: $4.8 million or $523.50 per square foot based on 9,169 square feet of building area, or $163.27 per square foot based on 29,400 square feet of total land area.

Total Assessed Value (2009): $2,342,330 or $255.46 per square foot of building area, or $79.67 per square foot of total land area.

Financing: $2.7 million provided by Malibu Plaza on the Bay LLC.

The mixed-use building was built in 1951 and is situated on .68 acre. A prior sale reported was in November 1984 for $600,000.

MIAMI BEACH

OFFICE BUILDING

SELLS FOR $3.1M

Location: 960 W. 41st St.

Seller: Beach Gate, represented by Martin W. Wasserman, Deborah Zimbalist Wasserman, and Seth A. Wasserman, managers.

Buyer: 106 Knickerbocker Avenue LLC, represented by Yair Gretah, member.

Price: $3.1 million or $154.21 per square foot based on 20,102 square feet of building area, or $539.13 per square foot based on 5,750 square feet of total land area.

Total Assessed Value (2009): $2,536,187 or $126.17 per square foot of building area, or $441.08 per square foot of total land area.

Financing: $83,333 provided by Beach Gate LLC.

The office building was built in 1961 and is situated on .13 acre. Previous sales reported were in April 2001 for $1.5 million and in April 1979 for $801,600.

PLANTATION

RETAIL BUILDING

SELLS FOR $385K

Location: 820 S. State Road 7.

Seller: Arthur P. and Carol R. Rosen.

Buyer: West Broward Management Holdings, represented by Angela Fiore, managing member.

Price: $385,000 or $151.09 per square foot based on 2,548 square feet of building area, or $47.66 per square foot based on 8,078 square feet of total land area.

Total Assessed Value (2009): $393,600 or $154.47 per square foot of building area, or $48.72 per square foot of total land area.

Financing: $320,000 provided by Arthur P. and Carol R. Rosen.

The retail building was built in 1970 and is situated on .19 acre. A prior sale reported was in May 1980 for $130,000.

Michael Y. Cannon is managing director of Integra Realty Resources., AREEA/South Florida. For more information about AREEA: www.irr.com.

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