Nova Southeastern University’s North Miami Beach campus just hit the market for $32 million.
The campus at 1750 Northeast 167th Street spans about 360,800 square feet. The price equates to about $89 per square foot for the land.
Adam J. Tiktin, president of Tiktin Real Estate Investment Services, has the listing. He told The Real Deal the private, non-profit university will be taking equity from the sale and reinvesting it into its main campus in Davie.
The North Miami Beach complex is made up of three buildings and one three-story parking garage, along with two parking lots and one 53,452 square-foot vacant lot. Combined, the buildings offer about 245,390 square feet of leasable space, Tiktin said, adding that 30,000 square feet will be part of a sale leaseback agreement with the campus, so it may maintain some dentistry courses and practices in North Miami Beach.
The buildings include a vacant four-story, 52,800 square-foot building; a vacant three-story, 28,000 square-foot building; and a five-story, 153,000 square-foot NSU Health Care Center, of which 28,000 square feet is currently occupied by health clinics.
Tiktin said a developer could seek rezoning to allow for a 1,000-unit multifamily project.
So far, interested buyers have different ideas as to what the site may become. “Some developers are interested in tearing the whole thing down,” Tiktin said. “In its leaseback agreement the university will be willing to relocate somewhere within North Miami, given one year notice.”
Investors and developers in North Miami and nearby North Miami Beach have been picking up properties in the area, including CK Prive Group, Prestige Imports’ owner Brett David and Turnberry Associates and LeFrak, which are planning the SoLēMia project.
NSU is also building a Tampa Bay Regional Campus on the former site of Clearwater Christian College. Last month, it received a $200 million commitment from cardiologist Dr. Kiran Patel and his wife, pediatrician Dr. Pallavi Patel for the real estate and scholarships.