In the latest sign of market strength in Miami’s bustling Edgewater neighborhood, Continental Real Estate Companies (CREC) has closed the $19.2m sale of a 57,406 square foot office building situated on 1.52 acres of land along Biscayne Boulevard. The adjacent property owner purchased the site, located just west of Midtown Miami and two blocks from Biscayne Bay, in an effort to grow and preserve their large assemblage in Edgewater. The property’s zoning provides for development of up to 227 residential units.
The seller, Legal Services of Greater Miami, is a non-profit that has owned and occupied a large portion of the property since 1997. The buyer was 3000 Property, LLC, which is managed by principals of Miami-based real estate firm Crescent Heights.
Peter Mekras, senior vice president at CREC said the purchase “presented a rare opportunity to acquire a premium site offering existing improvements and a Biscayne Boulevard address in one of the hottest submarkets in Miami. He added that the price translated to $290 per land foot and $24 per buildable foot given the site’s zoning for 36 stories and 790,000 square feet of development, numbers which created “significant added value to the buyer’s existing assemblage.”
CREC was engaged as the seller’s exclusive sales agent following an RFP process. CREC’s marketing campaign generated significant interest among foreign and domestic investors in addition to condominium, luxury rental, and commercial developers. The transaction was contracted and closed in three months on an all-cash basis.
