Real estate investor Ken Rosen sells his Kendar Office Building for $10.3 million*
Kenneth D. Rosen recently announced the sale of his Kendar Office Building, located at 1550 Madruga Avenue, Coral Gables, for $10.3 million. The purchaser was Tamarindo, LLC, a family-owned business from Central America.
Kendar Office Building has been owned by Mr. Rosen, local real estate investor, since 1981. The five-story, 50,000-square-foot building is currently 97% leased with prominent medium and small size business professionals, most of whom have been tenants in Kendar for many years.
The building has undergone approximately $1 million in capital improvements and overall modernization over the past five years, and it is one of the most prominent office buildings in the popular South Coral Gables sub-market.
Mazzei Realty Services, led by Edmund Mazzei, was the exclusive broker for Ken Rosen and has served as Asset Manager for Kendar, and will continue to provide asset management and leasing services to the new owner. Ben Silver, Marcus & Millichap and Pilar Pulido, The Keyes Company, were co-brokers in this transaction.
“When you own a building for more than 30 years, you become intimately involved with not only the facility, but its tenants as well,” said Mr. Rosen, who has successfully invested in hundreds of millions of dollars of real estate over the past three decades. “We are proud to have had one of the area’s signature properties for such a long period of time, and are confident that the new ownership group will continue the positive tradition we have established.”
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