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

Listing agent says property's rents have upside potential as old leases expire

Aug.August 05, 2016 04:30 PM

2000 South Dixie Highway (Inset: Scott Sime of Sime Realty)

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

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

Mike Fernandez and Park Grove (Credit: Wikipedia)

Miami billionaire Mike Fernandez flips PH in Coconut Grove

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project

From left: Dion Waiters, James Johnson, Erik Spoelstra, Dwayne Wade, LeBron James, Chris Bosh and Hassan Whiteside (Credit: Getty Images, iStock, Wikipedia Commons)

Heat Map: Here are the homes of Miami Heat’s elite

Javier Lluch and Glasshaus in the Grove

Glasshaus in the Grove lands construction financing

Alex Rodriguez and the Grove at Grand Bay (Credit: Getty Images)

A-Rod scores new home base for his investment company