MIAMI BEACH, FL—Harbor Group International, LLC reports that a company affiliate has sold the 1801 Alton Road office building here for $8 million.

The 20,603-square-foot property was purchased by HGI in 2010 in a sale/leaseback transaction with JPMorgan Chase for $4 million. The identity of the purchaser was not disclosed.

“As HGI continues to focus on commercial and retail properties in major urban markets, we are also capitalizing on disposition opportunities within our portfolio,” says T. Richard Litton, Jr., president of HGI. “The property performed as projected in our investment thesis and provided strong, risk-adjusted returns to our investors.”

Built in 1982, 1801 Alton was renovated in 1994 and upgraded in 2007-2008. The property, which sits on 1.08 acres, occupies a highly visible corner location at the intersection of Alton Road and Dade Boulevard with close proximity to the Miami Beach Convention Center and the Lincoln Road Mall. It is leased primarily to JPMorgan Chase as a bank branch on a long-term lease and is currently 84% occupied.

Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at approximately $4 billion. The Norfolk, VA-based firm also has offices in New York and Tel Aviv. The company's real estate holdings include more than 7.4 million square feet of commercial properties and in excess of 24,500 apartment units.