Alex Zylberglait Alex Zylberglait

MIAMI—5000 Biscayne Boulevard, a class B building with approximately 15,618 square feet of office space located in the Miami Modern Biscayne Boulevard Historic District, has traded hands. The sale price: $6.5 million.

Marcus & Millichap senior vice president Alex Zylberglait brokered the sale. The office deal points to the growing demand for properties in the MiMo district, which has been witnessing a rebirth.

Savvy investors and developers are repositioning the district by buying, building and renovating commercial real estate properties along the long-neglected boulevard between 50th and 77th streets. Trendy shops, hip restaurants and modern office space have emerged, followed by office tenants and retailers.

“High occupancy and a strong development opportunity coupled with an excellent credit anchor tenant made this property a solid investment opportunity,” Zylberglait tells GlobeSt.com. “The revival of the MiMo district is attracting a lot of interest from investors, developers and quality tenants who want to be part of the area’s transformation and enter the district before property values escalate as the neighborhood becomes more popular.”

Zylberglait represented both the the seller First States Investors 5200 and the buyer 69th ST Loan, which Alex Karakhanian and Damian Narvaez operate. Karakhanian has been an active investor in the neighborhood for several years.

5000 Biscayne is located in the Biscayne corridor office submarket. Bank of America is the anchor tenant. Under Miami 21 zoning, more than 220 units and over 321,000 square feet of mixed-use space can be built on the 1.5 acres of land.

Sparked by the repositioning of once-infamous motels, the district’s rebirth is a welcome development. MiMo was a hotspot for crime more than a decade ago. The

Developer Avra Jain renovated the Vagabond Hotel and turned it into one of the district’s jewels. Other investors include the $1.5 billion-real estate investment fund Greenstreet Real Estate Partners, which has spent more than $14 million buying retail and office properties in the up-and-coming neighborhood in recent time.

The area is also seeing an influx of new residents. Since 2000, the population has grown by nearly 14% with 548,702 people living in the neighborhood. That number is expected to increase 3% within the next five years.