Integra sells downtown Miami office building: $33.9M

Integra listed the 12-story tower for sale last year at $38M

TRD MIAMI /
Feb.February 15, 2016 05:15 PM

200 Southeast First Street in downtown Miami

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.

Listing agents Benjamin Silver and Douglas Mandel

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


Related Articles

arrow_forward_ios
Ross Dress for Less

Ross Dress for Less signs lease at historic former Burdines building in downtown Miami

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

235 Southeast 1st Street, Mika Mattingly and Cecilia Estevez

Downtown Miami office building hits market, brokers expect sale price to top $30M

From left: Santiago Vanegas, Harvey Hernandez, David Arditi, and Russel Galbut

In a sluggish condo market, these Miami developers find a sweet spot

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Renderings of 400 Biscayne and Kevin Maloney 

Developers land $162M loan for downtown Miami co-living tower

Brickell office skyline (Credit: iStock)

Office construction in Miami hits a new record

275 Northeast First Street and Sergio Rok (Credit: Google Maps)

Sergio Rok adds to downtown Miami portfolio

arrow_forward_ios