Bay Point Center on Biscayne hits the market

Current zoning allows for up to 124 units and 204,372 sf on site

Sep.September 29, 2015 03:00 PM

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

Related Articles

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Rendering of Crescent Heights’ project with Russell Galbut

Crescent Heights to begin construction of massive Edgewater project

From left: Eric Fixler, Joe Landsberg, Austin Levine and Andrew Hagaman

Movers & Shakers: CBRE expands debt team, Compass takes on two teams in South Florida & more

From left: Kyle Jones of Stiles Corp., Mark Corlew of Grover Corlew, Christian Lee of CBRE, Rod Loschiavo of Colliers International South Florida, and Greg Martin of Avison Young

South Florida office market has upside potential for developers, investors: panel

Developer completes Edgewater assemblage for Urbanica Hotel

Developer completes Edgewater assemblage for Urbanica Hotel

Crescent Heights plans major mixed-use project in Edgewater

Crescent Heights plans major mixed-use project in Edgewater

(Credit: iStock)

Foreigners emerge as the new heavyweights in China’s commercial property market

(Credit: iStock)

Report: Availability of U.S. warehouse space last year was the lowest since 2000