Private equity firm ARC sold a two-story office building next to the future Jackson West Hospital in Doral for $12.05 million.
The Miami-based firm sold the 97,476-square-foot 2500 Building at 2500 Northwest 79th Avenue for $123 per square foot, according to a press release. The buyer is a company tied to Ada Valdivia of Miami.
The Class B office building is currently about half occupied. Built in the early 1980s, it sits on more than 5 acres of land and could be redeveloped, according to the release.
Marcus & Millichap’s Alex D. Zylberglait, Drew A. Kristol and Kirk D. Olson represented the seller in the deal. Zylberglait also represented the buyer.
Jackson West Hospital’s 275,000-square-foot facility is under construction next door, with an expected completion date of May 2020. The office building was foreclosed upon and repossessed in 2017, which led ARC to buy the property.
ARC was founded in 2004 in Miami. It is led by John Olsen and David Gordon and focuses on first lien and second lien mortgages for commercial and residential assets throughout the United States. It also owns solar farms in Central America.