NY Firm Buys Second Allapattah Office Building in Miami

MIAMI— New York City-based Edenderry Properties, LLC has made its second acquisition in the emerging Allapattah neighborhood here, adding the Bank of America Center office building to its portfolio.

Edenderry has acquired the six-story, 68,174-square-foot Bank of America office building at 1313 NW 36th St. for $7.7 million. The firm also purchased the Centennial Express Building, a 33,339-square-foot commercial building at 1251 NW 36th St. in March 2018 for $6 million, according to a report in Commercial Property Executive. The property is directly to the east of Bank of America Center.

The Bank of America property is located within a Qualified Opportunity Zone, offering potential benefits for the new owner, according to Cushman & Wakefield, which represented the seller in the deal. Scott Sime of Sime Realty Corp. represented the buyer. The property is 88.8% leased to a mixture of retail and office tenants, including Bank of America and the Miami-Dade State Attorney.

This is the third of three value-add assets sold for the Miami-based seller, an investment group affiliated with the principals of Golden Sands since 2018, which together totaled $17.6 million. The Cushman & Wakefield Capital Markets team of Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz represented the seller in all three transactions.

In addition to the Edenderry Properties’ deals, a local private investor acquired the Centennial Interiors Building, a 27,80-square-foot flex building located at 1400 NW 36th St. from the seller for $3.9 million in May 2019.

The three properties are located within blocks from each other along NW 36th Street, a main east-west artery that connects to trendy neighborhoods like Wynwood to the east and Miami International Airport and Doral to the west. The location also provides great public transit connectivity throughout Miami via the Metrorail and Metrobus stops within walking distance, Cushman & Wakefield states.

“Allapattah is an emerging urban neighborhood with a central infill location, unique economic drivers and exceptional public transit access that clearly position it within the path of development. Offering relative value compared to other more established neighborhoods like Wynwood, Allapattah continues to experience a flurry of investment activity from investors looking to stake their claim early,” C&W’s Alcivar says. “Bank of America Center’s location within an Opportunity Zone made it particularly appealing, as it offered an opportunity for an investor to take advantage of future tax savings by adhering to the program’s guidelines.”