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

|

Continental Real Estate Companies' senior vicepresident Peter Mekras and associateAndrew Remick represented Legal Services, anon-profit that has owned and occupied a large portion of theproperty since 1997. 3000 Property is managed by principals ofMiami-based real estate firm Crescent Heights.

|

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

|

The site is located 3000 Biscayne Boulevard just west of MidtownMiami and two blocks from Biscayne Bay. The office building spans57,406 square feet and sits on 1.52 acres of land along BiscayneBoulevard. Crescent Heights owns the adjacent property and bought3000 Biscayne to grow and preserve its larges assemblage ofEdgewater land. The property's zoning allows for the development ofup to 227 residential units.

|

According to CREC, there was strong interest from foreign anddomestic investors in addition to condominium, luxury rental, andcommercial developers. CREC contracted and close the deal in threemonths and is now actively searching for a new location for LegalServices. William Bloom and ShawnAmuial of Holland & Knight's Miamioffice provided legal counsel to the seller. RobertBerrin of Capital Realty Services actedas owner's representative.

|

About 750,000 square feet of office space has been absorbed inMiami's urban core since the recession, according to a recentMiami Downtown Development Authority report. Thereport also reveals the office vacancy rate in Downtown Miami hasdramatically decreased in recent years and that trend is expectedto 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 betweenDowntown Miami, Wynwood, and the Design District and links theEdgewater and Downtown neighborhoods. Related plans to build whatit calls a “world-class, mixed-use project” that will span about 2million square feet of luxury residential and retail. Units willhave water and city views. Related also broke ground in August on two new condos in Edgewater.

|

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

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.