The Real Deal Miami

Prime Coconut Grove site acquired for nearly $30M

Property's zoning allows for condo or mixed-use development

April 08, 2014 10:30AM

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2699 South Bayshore Drive

2699 South Bayshore Drive

A group of investors paid nearly $30 million for a bayfront Coconut Grove office building on a site zoned for condo or mixed-use development.

The buying group includes Camilo Miguel, CEO of Miami Beach-based Mast Capital, Miami-based 13th Floor Investments and Greenwich, Conn.-based Wexford Capital, the Miami Herald reported. The all-cash, off-market transaction closed Monday. A nine-story office building is currently located on the 2699 South Bayshore Drive property.

A Chilean investor sold the property to the group after buying it in 2012.

“We bought this opportunity,” Miguel told the Herald. “There’s no immediate plan determined to redevelop it, but considering what’s happening in the Grove it’s obviously something on our radar.”

Tenants at the office building include accounting firm Kaufman Rossin & Co. and law firms Coffey Burlington and Katz, Barron, Squitero, Faust.

Terra Group is developing the Bjarke Ingels-designed Grove at Grand Bay luxury condo building just north of the building. [Miami Herald]Eric Kalis

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