An affiliate of Brooklyn based RedSky Capital and London based JZ Capital Management has bought a building in the Miami Design District for $29.25 million or $1505 per square foot. The 19,436 square foot building located at 1 Northeast 40th Street was built in 1953. The two story building sits on a 14,700 square foot lot and was last sold in March of 2003 for $300,000. The deal was financed with a loan for $16.88 million from Pacific Western Bank and CIM Real Estate Credit, which matures in three years.
