Latin American buyers have long buoyed South Florida’s residential market. But now Latin American investors are reinvigorating South Florida’s office market.
Last week Solution Group announced Ofizzina 1200, a 97,000-square-foot office project at 1200 Ponce de Leon Boulevard in Coral Gables. The 16-story Mediterranean-style building will feature 47 office suites.
“There’s not a lot of opportunities to buy in many places where [office] investors want to be,” Camilo Lopez, president of the Solution Group, told the Daily Business Review. “The expansion Miami is having is enough to support not just one but I believe various luxury office building projects.”
And in May, Argentina’s Coto supermarket family bought 19 office condos at 1200 Brickell Avenue and later paid a record-breaking $125 million for a riverfront development site in downtown Miami, according to the Daily Business Review.
“Buying it as a rental and turning it into a condo is a quick way to make money,” Fernando Levy-Hara, a developer and principal of the Aventura-based mckafka Development Group, said. “You buy at $180 [per square foot] right now, and for sure can sell at $300 right now.” [DBR] – Christopher Cameron