The 55 Miracle Mile portion of the 15-story property contains 40,590 sf of retail space and 25,592 sf of office space. Among the retail tenants are Tarpon Bend, City Cellars, Max's Grill and Advanced Aesthetics. X Aragon's residential units contain an aggregate of 201,592 sf. Units are being marketed at $400 per sf.
This is the JV's third Florida acquisition and first in Dade County. Calling this an "extraordinary asset in an excellent location," Tim Jones, managing director of Robert Martin Co., says he believes "there will be high demand for both the residential and commercial components of the property."
Robert Given, VP, and Jay H. Massirman, EVP in the Miami office of CB Richard Ellis, represented Starwood in the sale. Massirman says CBRE's South Florida multifamily group closed or placed under contract more than $2.7 billion in multi-family transactions in 2004, more than double the activity of 2003, and approximately 70% of the transactions represent condo conversions. X Aragon, he says, "is an ideal opportunity for immediate condominium conversion.
"The timing of the asset sale was ideal," Massirman adds. "Lenders continue to be attracted to these product lines because of the absence of construction risk and substantial demand in the residential marketplace throughout South Florida."
Givens calls the property "an irreplaceable urban asset" in a supply-constrained market with growing demand and upscale demographics."
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