MIAMI—A Staples net-leased building on Miami’s Biscayne Boulevard has changed hands. The $17,375,000 sales price equals $852 per square foot.
Alvin Mansour of The Mansour Group, senior vice president investments in Marcus & Millichap‘s San Diego office, Alex Zylberglait, vice president investments in the Miami office, and Ryan Shaw, senior associate in the Miami office, represented the seller, 2121 Biscayne Blvd. LLC. Mansour, Zylberglait and Shaw also represented the buyer.
“Many investors, including a high percentage of international buyers, are seeking stable assets in Miami with highly rated national tenants,” says Mansour. “Few of these properties are being listed, however, and competition is intense.”
As the first LEED Gold Certified retail building in Miami, this trophy asset is positioned in a densely populated area with over 470,000 residents within a five mile radius. Staples signed a 15-year lease, which commenced in 2008. The offering provided the buyer with upside with up to 36 stories of potential development opportunity.
“The highly trafficked area where this Staples is located has enjoyed more than 70% residential population growth over the past decade,” says Zylberglait. “Growth of this magnitude provides the new owner with unlimited future development potential.”
Located in Miami’s Design District, the property, at 2121 Biscayne Blvd, is near Downtown Miami, South Beach, and the American Airlines Arena. The Brickell Financial District is just minutes from the site.