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.”