Key Biscayne office property hits market at $6.6M

Listing agent says Key Biscayne rarely sees commercial trades

Apr.April 08, 2016 11:15 AM

A commercial property on Key Biscayne, an island better known for its luxe residences than its office sites, just hit the market with an asking price of $6.57 million.

The property is a multi-tenant office building at 660 Crandon Boulevard, behind a shopping center anchored by Winn-Dixie. Measuring 10,340 square feet, the two-story building was constructed in 1951 and is 95 percent leased.

Some of its tenants include Magic of Learning, a K-8 school that occupies more than half of the rental space through a long-term lease, and several smaller businesses like the Casa Grande interior design company.

It’s owned by an affiliate of the Habitat Group, a Miami company that invests and manages real estate.

“Their business is to create value,” said Alfonso Jamarillo, Habitat’s listing agent with Fortune International Realty. “They bought the property when it had some vacancies; now it’s completely full. It’s time for them to sell it to someone who’s looking for a long-term investment.”

County records show the Habitat affiliate paid $4.5 million, or about $435 per square foot, for the property in May 2015. The company is now asking roughly $635 a foot.

Jamarillo said because Key Biscayne is so built out, commercial properties rarely trade unless they’re being eyed for redevelopment.

Last year, the Habitat Group flipped a hotel property on the Miami River for $8.6 million to Avra Jain, one of the developers pioneering Miami’s MiMo district. The group bought the aging 58-room hotel in July 2013 and repaired it extensively before selling to Jain.

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