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MIAMI-Grouper Financial Inc., a privately-owned real estate development company based here, is set to close on the purchase of the 300,000-sf former Burger King world headquarters complex in October.

Until then, the property will be in due diligence. Grouper Financial is paying “significantly less” than the initial $25 million asking price, a spokeswoman says, although specific contract terms have not been disclosed. The seller is New Cutler Bay Corp.

Grouper Financial will rename the property, which fronts Biscayne Bay, Palmetto Bay Village Center. The rental range there is quoted as $18 to $22 per sf, low for the area, and Abood Wood-Fay Real Estate Group is handling pre-leasing for Palmetto Bay Village Center.

The complex consists of three office buildings on 80 acres on Old Cutler Road at Southwest 184th Street. The main building is 220,000 sf and four stories. Another building is two stores with about 51,000 sf and the third is 34,000 sf on three floors. Scott Silver, president of Grouper Financial, was in discussions to lease or sell this building to the city of Palmetto Bay for municipal offices.

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