Bay Point Center on Biscayne hits the market

A mixed-use boutique building along Biscayne Boulevard and 39th Street is for sale, CBRE announced on Tuesday.

Bay Point Center, a four-story, 42,479-square-foot property, is being marketed as an existing income-producing property and as a redevelopment opportunity. A listing price was not disclosed, according to a CBRE spokesperson.

The building, at 3915 Biscayne Boulevard, is near the Design District, Midtown Miami, the Upper East Side and Edgewater. It’s fully occupied, but current zoning allows for up to 124 residential units and 204,372 square feet.

In June, Nancy Karp sold the 52,889-square-foot commercial building at 3900 Biscayne Boulevard for $18.36 million. An affiliate of Miami-based Alta Developers was the buyer. Plans for that site have not been released. And up the street, at 78th and Biscayne, the former Triton Center will be redeveloped into a hotel, apartment and retail project.

“The meteoric rise in rental rates from transformative projects nearby, such as in the Design District, and flurry of development activity from virtually every direction favorably position the investment for substantial future upside,” listing agent Miguel Alcivar said in a statement.

G&L Real Estate Development LLC owns Bay Point Center, according to Miami-Dade County property records. The Chile-based developer has plans to break ground on a 38-unit luxury townhome project just east of the property, according to CBRE. G&L acquired both properties in 2008.

CBRE’s Gerard Yetming, Scott O’Donnell, Dominic Montazemi, Greg Miller and Jason Hochman are working with Alcivar in marketing the property. – Katherine Kallergis