Downtown Miami office building sells for $21M

Private equity firm Integra picks up tower shortly after selling nearby property

May.May 06, 2014 11:15 AM

A downtown Miami office building sold for $21 million, The Real Deal has learned.

Downtown Building Ventures, a company tied to Miami-based private equity and development firm Integra Investments, acquired the 200 Southeast First Avenue building on Thursday, according to Miami-Dade County records. The county recorded the transaction on Monday. Integra’s company received a $17.8 million mortgage from Banesco USA for the purchase.

The Integra company picks up about 150,000 square feet of office space. Its acquisition does not include the underlying land, however. The building is subject to a 99-year ground lease that began in 1956.

Ocean Bank occupies ground-floor space in the building. Other tenants include Brand Institute, Digiport and Incubate Miami.

LMREC CDO I REO I is the seller. The company is tied to Latitude Management Real Estate Investors of Beverly Hills, Calif.

Integra sold the nearby Chase Bank tower for $24 million in February.

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