The Bank of America building at 5000 Biscayne Blvd. has been picked up by developers Alex Karakhanian and Damian Narvaez in a $6.5 million deal. The building is located in the Miami Modern Biscayne Boulevard Historic District, also known as the MiMo district. The Class B office building has approximately 15,618 sqf of lettable space and traded for just over $416 per sqf. The property is zoned with Under Miami 21 zoning which will allow for the construction of 220 apartment units and over 321,000 sqf of mixed-use space on the 1.5 acre site. Alex Zylberglait of Marcus & Millichap represented the seller First States Investors 5200 as well as the buyer, 69Tth St Loan.
“The boulevard’s historic MiMo district is a seeing a remarkable resurgence, with developers and real estate investors flocking to grab a piece of the area,” Alex Zylberglait, Marcus & Millichap said. “We pro-actively targeted a strategic group of potential buyers who are committed at making a positive contribution to the evolution of this neighborhood.”
