Miami Green office tower up for grabs: $45M

Miami /
Feb.February 04, 2016 03:00 PM

Miami Green, a 13-story office tower near Coral Gables has hit the market for $45 million, George Vail, managing director of Ackman-Ziff Real Estate Group told The Real Deal.

The Class A office building at 3150 Southwest 38th Avenue has 115,849 square feet of rentable space, and is 83 percent occupied and 91 percent leased, Vail said. Built in 2008, the building is LEED certified. Tenants include the Consulate General of Brazil, Morrison Brown Argiz & Farra and Ouelette Group Physicians.

The seller is New York-based iStar, a publicly-traded real estate investment trust with a $5.2 billion portfolio, according to its website. A former lender on the property, the REIT obtained it through foreclosure actions for $200,100, according to Miami-Dade property records. The previous owner, Miami Green Tower I, led by Jim Davis, had paid $11 million for the land in 2006, records show.

IStar has put the property on the market because “they stabilized it and now it’s time to sell,” said Vail, who is marketing the property along with Mark Rutherford of Ackman-Ziff‘s Miami office.

The building is near the Douglas Station mixed-use project proposed by 13th Floor Investments and the Adler Group, alongside the Metrorail station. It is also close to the Shops at Merrick Park.

“It’s in an A-plus location,” Vail said, “in the epicenter of Coral Gables.”

Nearby, downtown Coral Gables is in midst of a transformation. The city has 40 projects, 2,700 residential units, 1.5 million square feet of office space and 740 hotel rooms in the pipeline, according to a city meeting in October.

The city will soon break ground on a $20 million streetscape project for Miracle Mile and Giralda Avenue. It calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas.

In December, a Class A office complex sold for about $119 million. A Deutsche Asset & Wealth Management fund bought the two towers called the Alhambra, at 2 Alhambra Plaza, on behalf of an overseas institutional investor.


Related Articles

arrow_forward_ios
1396 Northwest 36th Street with Integra's Paulo Tavares de Melo and EHDOC's Melanie Ribeiro (Photos via Getty; LinkedIn)

Integra, partner move forward with $58M senior housing project in Allapattah

Integra, partner move forward with $58M senior housing project in Allapattah
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava

Wynwood nightclub building hits the market

Wynwood nightclub building hits the market
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

Lender closes on RedSky and JZ’s Wynwood assemblage

Lender closes on RedSky and JZ’s Wynwood assemblage
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
John Bardis, Carlos Lopez-Cantera, and the office (Credit: Google Maps)

Medical co-working space operator buys Miami medical campus

Medical co-working space operator buys Miami medical campus
MCM President Jorge Munilla and a photo of the bridge collapse (Linkedin, Getty)

Builder involved in deadly FIU bridge collapse sues for $15M, alleges design firm botched review

Builder involved in deadly FIU bridge collapse sues for $15M, alleges design firm botched review
Kelly Kite and 690 Northwest 13th Street (Google Maps)

More multifamily may be coming to Overtown

More multifamily may be coming to Overtown
Landing CEO Bill Smith (Linkedin, iStock)

Rental membership startup Landing lands in South Florida

Rental membership startup Landing lands in South Florida
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...