New York based Mack Real Estate Group has purchased a Edgewater neighborhood office building for $18.75 million. The property, located at 3550 Biscayne Boulevard in Miami, includes a 106,801 square foot office building and 15,617 square feet of parking. Built in 1972 the property sits on a 30,307 square foot site. If the purchase is considered a tear down and redevelopment the price per square foot of land works out to be $408. The sellers, a joint venture between Terra Group and Avra Jain, purchased the building for $7.8 million in 2012. Miami Lakes-based BankUnited financed the purchased with a $11 million mortgage.
