MIAMI—Edgewater has been seeing plenty of condos rising from the dirty, but this Downtown Miami neighborhood is also seeing some office action. Legal Services of Greater Miami sold the office asset to 3000 Property, for $19.2 million.

Continental Real Estate Companies' senior vice president Peter Mekras and associate Andrew Remick represented Legal Services, a non-profit that has owned and occupied a large portion of the property since 1997. 3000 Property is managed by principals of Miami-based real estate firm Crescent Heights.

“This purchase presented a rare opportunity to acquire a premium site offering existing improvements and a Biscayne Boulevard address in one of the hottest submarkets in Miami,” says Mekras. “The $19.2 million purchase price translates to $290 per land foot and $24 per buildable foot given the site's zoning for 36 stories and 790,000 square feet of development, creating significant added value to the buyer's existing assemblage.”

The site is located 3000 Biscayne Boulevard just west of Midtown Miami and two blocks from Biscayne Bay. The office building spans 57,406 square feet and sits on 1.52 acres of land along Biscayne Boulevard. Crescent Heights owns the adjacent property and bought 3000 Biscayne to grow and preserve its larges assemblage of Edgewater land. The property's zoning allows for the development of up to 227 residential units.

According to CREC, there was strong interest from foreign and domestic investors in addition to condominium, luxury rental, and commercial developers. CREC contracted and close the deal in three months and is now actively searching for a new location for Legal Services. William Bloom and Shawn Amuial of Holland & Knight's Miami office provided legal counsel to the seller. Robert Berrin of Capital Realty Services acted as owner's representative.

About 750,000 square feet of office space has been absorbed in Miami's urban core since the recession, according to a recent Miami Downtown Development Authority report. The report also reveals the office vacancy rate in Downtown Miami has dramatically decreased in recent years and that trend is expected to continue, buoyed by the residential growth in the area.

Pulling back to look at the big picture, Related recently spent $57 million on a site that sits between Downtown Miami, Wynwood, and the Design District and links the Edgewater and Downtown neighborhoods. Related plans to build what it calls a “world-class, mixed-use project” that will span about 2 million square feet of luxury residential and retail. Units will have water and city views. Related also broke ground in August on two new condos in Edgewater.

Meanwhile, joint venture between Eastview Development and GTIS Partners is building Biscayne Beach, a 51-story condo rising at 711 Northeast 29^th Street in Edgewater. Blackstone Real Estate Debt Strategies provided the loan.