Investors want $20M for Miami Today HQ in Coconut Grove

Miami /
Aug.August 05, 2016 04:30 PM

The Coconut Grove office building that houses Miami Today’s headquarters is officially up for grabs at $20 million.

Located at 2000 South Dixie Highway, the building is fully occupied, including a handful of notable tenants like Miami Today, one of the city’s longest-running business publications, and Tinsley Advertising, a storied ad agency that’s worked with brands like Airbus and Paramount Pictures.

The building is owned by a limited liability company named after its address. State corporate records show the entity’s registered agent is Jose Pita, head of a company called Sunrise Grove Management that manages properties for investors.

After purchasing the property, built in 1972, for $4.925 million in 2010, the current owners started a major renovation program. New impact-resistant windows were installed, the interiors were modernized, and the building’s two-story atrium was redone.

At 53,074 square feet, the building’s asking price breaks down to just under $377 per square foot.

Listing agent Scott Sime of Sime Realty told The Real Deal that the owners sensed it was a good time to sell now that the office market has matured.

The current tenants are paying roughly $28 per square foot, triple-net, according to data from the CoStar Group. And Sime said as those leases expire, a new owner could potentially bring those rents higher. A second-quarter report from commercial brokerage CBRE shows asking rents in the neighborhood now hover at about $34 per square foot for Class A space, and $31.64 for Class B space.

As for whether developers could be potential buyers because of the property’s 90,000 square feet of land, Sime said “That is certainly a possibility. But this property functions very well in its current state as an income producing property.”


Related Articles

arrow_forward_ios
2550 South Bayshore Drive, Coconut Grove (JLL)
Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove
Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
Stephanie & André Dua with 3829 Stewart Avenue, Miami. (LinkedIn via Stephanie Dua, Mckinsey & Company, Lifestyle Production Group for ONE Sotheby’s International Realty)
Ceres Global Advisory founder sells Coconut Grove home
Ceres Global Advisory founder sells Coconut Grove home
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)
Bankruptcy judge paves way for Metronomic property auction
Bankruptcy judge paves way for Metronomic property auction
3608 Stewart Ave, Miami (Redfin)
Entity tied to private equity firm buys Coconut Grove spec home for $5M
Entity tied to private equity firm buys Coconut Grove spec home for $5M
3187 Royal Road, Coconut Grove (Realtor)
Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Matthew B. Gorson and One Park Grove (Google Maps)
Greenberg Traurig chairman pays $7M for One Park Grove condo
Greenberg Traurig chairman pays $7M for One Park Grove condo
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
arrow_forward_ios

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

Loading...