The 1.91 acres of land sold for $4.225 million, or about $2.21million per acre, and the seller was Citibank FSB.
The property, located at 1770 Biscayne Blvd., includes one olderbuilding, which broker Rosendo Caveiro of Grubb & Ellis calls"functionally obsolete." Citibank has a branch in the building andwill be there for a minimum of 18 months, says Caveiro, whorepresented Citibank FSB in the sale. Eventually, plans are toclose it, he adds.
The property, across the street from the Omni center, is knownas Biscayne Plaza and fronts Biscayne Boulevard with a fullblock.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
