Michael T. Fay of Coral Gables-based Colliers Abood Wood-Fay negotiated the transaction for the seller, which he tells GlobeSt.com is an affiliate of a company based in Pennsylvania. Fay also represented the buyer, which subsequently hired his firm to handle leasing. He says the building is currently 98% leased and the average asking rental rate is $27 per sf.
The Coconut Grove submarket is traditionally among the strongest office markets in Miami-Dade County, according to a second-quarter report from the Miami office of CB Richard Ellis. Continental Plaza's selling price is $10-per-sf higher than the much larger Grove Building here traded for just a year ago.
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