The Real Deal Miami

UniVista Insurance buys new HQ along Miami River

Oppenheim designed the four-story office building, completed last year
By Amanda Rabines | December 14, 2017 01:36PM

528 Northwest 7th Avenue and UniVista CEO Ivan Herrera (Credit: RE/MAX Advance Realty and Google Plus)

Miami-based UniVista Insurance just purchased a new office building along the Miami River where it plans to move its headquarters.

Property records show Riverside Property Building LLC, led by UniVista CEO Ivan Herrera, paid $10.2 million for a four-story office building at 528 Northwest 7th Avenue. The 15,000-square-foot building sold for about $680 per square foot.

The seller, GLF Construction Corp., bought the property in 2012 for $1.8 million. It was completed last year and designed by Miami-based Oppenheim Architecture & Design.

RE/MAX Advance Realty’s Paul Silverstein brokered the deal. GLF listed the building in July for $11.9 million, Silverstein told The Real Deal. The seller had to request a change in zoning from industrial to office to develop the Miami River building.

Records show UniVista financed the deal with a $7.8 million mortgage from JPMorgan Chase. The insurance company has more than 100 offices in Florida and California, according to a press release. It’s currently based at 221 Southwest 42nd Avenue.

The Miami River commission recently approved a new bar and restaurant in the area called Gramps by the Sea, the sequel to the popular Wynwood bar Gramps.

Other projects planned along the riverfront include KAR Properties’ One River Point, a 60-story luxury condominium project designed by architect Rafael Viñoly; and the Chetrit Group, Ari Pearl and JDS Development Group’s mixed-use development with four towers, a hotel, shops, restaurants and a public river walk with boat slips.