Integra sells downtown Miami office building: $33.9M
A fund tied to New York-based Brickman has purchased the 200 Southeast First building in downtown Miami for $33.85 million, or $239 per square foot.
Integra Investments sold the newly renovated, 12-story tower for a 61 percent gain. The firm, led by principal Victor Ballestas, listed it in July for $38 million. Doug Mandel and Ben Silver of Marcus & Millichap’s Institutional Property Advisors, brokered the sale, according to a press release.
Integra purchased the building, at 200 Southeast First Street, out of foreclosure for $21 million in April 2014. Ballestas previously told The Real Deal that the property was a “value-add play” for Integra, which invested millions of dollars into renovations that included new exterior façade and signage, lobby upgrades, elevator and corridor finishes, new digital security cameras and access control with card-swipe entry, a new fire and life safety panel and a new HVAC chiller. Property records show it was originally built in 1958.
Brickman SE First LLC was the buyer. Brickman is an owner, operator and investor in office buildings across major markets in the United States, according to its website. The company is owned by principals Bruce S. Brickman and Kathy Corton.
“The market in Downtown Miami was poised to breakout and was severely undervalued. The property is squarely located between several major developments – a block from both Met 3 and Flagler Street projects,” Mandel said in the release.
It was originally meant to be a condo conversion, according to the release. Silver said the in-place income could be “increased dramatically. The property never had a marketing effort that focused on re-tenanting the vacant office and retail space and bump rents on existing tenants.”
The sale of the Class A, 141,687-square-foot building closed on Thursday. It has not yet been recorded in Miami-Dade County records. – Katherine Kallergis