SMK Slates Office Condo Conversion With $23M Biscayne Centre Buy

This will mark the locally based company's third office condo conversion here since the firm was established two years ago. In 2003, in a joint venture with locally based Fortune International, it acquired and converted the 90,000-sf office building at 1110 Brickell Ave., and later did the same at the 82,000-sf building in which it is headquartered at 1680 Michigan Ave. in South Beach.

Samuel Konig, an SMK principal, tells GlobeSt.com that the local office of Regions Bank provided $18.6 million to fund the Biscayne Centre purchase and Manuel Vidal of the bank represented SMK in the acquisition. Christian Lee of the investment properties group of the local office of CB Richard Ellis represented the seller, an affiliate of New York City-based Madison Capital Management.

Konig says the space configurations and pricing have not yet been established for the property, which he tells GlobeSt.com was built in 1986 and is currently 87% occupied. He expects sales to begin this November. Units at 1110 Brickell sold for between $250 per sf and $270 per sf, he says, and are sold out. Konig and his brother, Michael, head SMK in partnership with Cape Horn, which Samuel Konig describes as "a boutique investment bank headquartered in Chile." The Cape Horn principals of SMK are Eduardo Romero and Eduardo Covarrubias.