The Real Deal Miami

Miami Green office tower up for grabs: $45M

iStar is selling the property, which is 81 percent occupied and 91 percent leased

February 04, 2016 03:00PM
By Ina Cordle

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Miami Green

Miami Green, a 13-story office tower near Coral Gables has hit the market for $45 million, George Vail, managing director of Ackman-Ziff Real Estate Group told The Real Deal.

The Class A office building at 3150 Southwest 38th Avenue has 115,849 square feet of rentable space, and is 83 percent occupied and 91 percent leased, Vail said. Built in 2008, the building is LEED certified. Tenants include the Consulate General of Brazil, Morrison Brown Argiz & Farra and Ouelette Group Physicians.

The seller is New York-based iStar, a publicly-traded real estate investment trust with a $5.2 billion portfolio, according to its website. A former lender on the property, the REIT obtained it through foreclosure actions for $200,100, according to Miami-Dade property records. The previous owner, Miami Green Tower I, led by Jim Davis, had paid $11 million for the land in 2006, records show.

IStar has put the property on the market because “they stabilized it and now it’s time to sell,” said Vail, who is marketing the property along with Mark Rutherford of Ackman-Ziff‘s Miami office.

The building is near the Douglas Station mixed-use project proposed by 13th Floor Investments and the Adler Group, alongside the Metrorail station. It is also close to the Shops at Merrick Park.

“It’s in an A-plus location,” Vail said, “in the epicenter of Coral Gables.”

Nearby, downtown Coral Gables is in midst of a transformation. The city has 40 projects, 2,700 residential units, 1.5 million square feet of office space and 740 hotel rooms in the pipeline, according to a city meeting in October.

The city will soon break ground on a $20 million streetscape project for Miracle Mile and Giralda Avenue. It calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas.

In December, a Class A office complex sold for about $119 million. A Deutsche Asset & Wealth Management fund bought the two towers called the Alhambra, at 2 Alhambra Plaza, on behalf of an overseas institutional investor.

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