Forthcoming Miami Center sale bodes well for investment sales market

Crocker Partners is on the verge of acquiring the Miami Center and that could be the impetus needed for more commercial properties to hit the investment sales market, according to Miami Today. The 782,210-square-foot property at 201 South Biscayne Boulevard is currently owned by the Sumitomo Corporation and has been on the market since January.

“The possible sale of the Miami Center to Crocker bodes well for the office market for the balance of this year,” said Jason Shapiro, managing director at The Aztec Group, a real estate investment banking firm. “I would imagine that the Miami Center sale would be the catalyst for others to be announced shortly.”

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Though no other high-profile towers are currently on the market, brokers say they expect to see more of them up for sale. The success of new office properties at 1450 Brickell and 396 Alhambra, combined with the interest expressed by Crocker, Genting and other respected investors in Miami commercial towers foretell renewed interest from other institutional investors. [Miami Today]