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The Real Deal Miami

Miami’s 261 Lofts office complex sold

July 27, 2012 10:30AM

The 261 Lofts office complex in downtown Miami has been purchased by a limited liability company of the same name, according to Colliers International South Florida. Founding Partner Michael Fay and John Crotty, executive vice president, represented the seller and the buyer in the deal on the property, which is located at 261 NE 1st Street. The buyer purchased the leasehold, which was originally for 99 years, from seller NAFH National Bank. “This was a challenging sale, as the existing ground lease made the subject property virtually impossible to finance and the buyer had to close with cash,” said Crotty. The building had been real estate-owned. The new owner will use it for its own business and lease the remaining space, according to Colliers. — Alexander Britell