Terra, Banyan buy Coconut Grove site, ink ground lease with co-working company
URBIN signed a 99-year ground lease and plans to open by 2020
A joint venture between Terra and Banyan Street Capital just bought the site of a vacant mixed-use building in Coconut Grove, and inked a ground lease with co-working space operator URBIN.
The 31,000 square-foot mixed-use property at 3138 Commodore Plaza traded hands for $7.2 million, or about $247 per square foot, with URBIN inking a 99-year ground lease. A spokesperson declined to comment on the lease terms.
The seller, CP Miami LLC, is tied to MG3 Development Group. Records show the property last traded for $3.4 million in 2003. It was formerly home to the Academy of Arts and Minds charter school.
Built in 1986, the four-story building consists of ground-floor retail space, three floors of office space and on-site structured parking.
The co-working space operator plans to renovate the building and open by early 2020. It recently paid $12.5 million for a five-story office building in Coral Gables – the company’s first location in South Florida.
The Coconut Grove property, next to the Coconut Grove Playhouse redevelopment site, is zoned to allow for a mix of uses including creative office, retail, residential, and hospitality.
Cushman & Wakefield’s Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Greg Miller and Jason Hochman represented the seller.