The Coconut Grove office building that houses Miami Today’s headquarters is officially up for grabs at $20 million.

2000 South Dixie Highway Coconut GroveLocated at 2000 South Dixie Highway, the building is fully occupied, including a handful of notable tenants like Miami Today, one of the city’s longest-running business publications, and Tinsley Advertising, a storied ad agency that’s worked with brands like Airbus and Paramount Pictures.

The building is owned by a limited liability company named after its address. State corporate records show the entity’s registered agent is Jose Pita, head of a company called Sunrise Grove Management that manages properties for investors.

After purchasing the property, built in 1972, for $4.925 million in 2010, the current owners started a major renovation program. New impact-resistant windows were installed, the interiors were modernized, and the building’s two-story atrium was redone. At 53,074 square feet, the building’s asking price breaks down to just under $377 per square foot.

Listing agent Scott Sime of Sime Realty told The Real Deal that the owners sensed it was a good time to sell now that the office market has matured.

The current tenants are paying roughly $28 per square foot, triple-net, according to data from the CoStar Group. And Sime said as those leases expire, a new owner could potentially bring those rents higher. A second-quarter report from commercial brokerage CBRE shows asking rents in the neighborhood now hover at about $34 per square foot for Class A space, and $31.64 for Class B space.

2000-South-Dixie-HighwayAs for whether developers could be potential buyers because of the property’s 90,000 square feet of land, Sime said “That is certainly a possibility. But this property functions very well in its current state as an income producing property.”


Source: The Real Deal

BayviewPlazaTwo office buildings in Coconut Grove were sold for a combined $42 million, commercial brokerage Marcus & Millichap announced Thursday.

The first, dubbed the Bayview Executive Plaza, is a 57,155-square-foot building at 3225 Aviation Avenue. It is occupied by the Femwell Group Health, Wolfberg Alvarez & Partners and the accounting firm Pinchasik Yelen Muskat Stein.

The second, named Continental Plaza, is a, 80,380-square-foot building at 3250 Mary Street. It’s across the street from Park Grove, an upcoming mixed-use development that has plans for three 20-story condo towers with retail and office space.

Both were purchased by a company titled Allegra Holding, and both were sold by TA Associates Realty.

Douglas Mandel and Benjamin Silver of Marcus & Millichap brokered the sale for both the buyer and the seller. “These buildings are well positioned to reap the benefits associated with the explosive growth of new developments in The Grove, and the buyer will be able to take advantage of future spikes in demand that will push rental rates to new highs,” Mandel said in a statement.


Source: The Real Deal