An Argentine investor bought a North Miami Beach office building in an Opportunity Zone for $6 million.
2020 Office Nmb LLC, managed by Ezequiel Schmuckler, bought the building at 2020 Northeast 163rd Street. Office 2020 LLC, managed by Alejandro Araujo, sold the property.
The three-story office building totals 31,145 square feet, equating to a sale price of $192 per square foot, records show. The building could be redeveloped into a mixed-use project up to 20 stories or 255 feet high with more than 300 residential units. It sits on 1.34 acres of land.
Alex Zylberglait of Marcus & Millichap represented the seller in the deal.
Zylberglait said the buyer purchased the property for the steady cash flow along with the building’s redevelopment potential. The office building is 94.24 percent occupied with only 1,402 square feet of available space, according to a listing on LoopNet. The furniture company Veneta Cucine occupies most of the first floor.
The building was last sold for $4.2 million in 2008, records show. It was built in 1968.
North Miami Beach has seen much more mixed-used development over the past few years after the city allowed for more residential development.
In 2018, the North Miami Beach City Commission approved a 2.5-million-square-foot mixed-use project to be built on an 18-acre property known as the TECO Gas Site.