Argentine investor nabs North Miami Beach Opportunity Zone property

The property could be redeveloped into 300 residential units

TRD MIAMI /
Jan.January 14, 2020 09:45 AM
Alex Zylberglait of Marcus & Millichap and 2020 Northeast 163rd street

Alex Zylberglait of Marcus & Millichap and 2020 Northeast 163rd street

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.


Related Articles

arrow_forward_ios
Carlos Rodriguez Sr., Carlos Rodriguez Jr. and a rendering of Home 2/Tru by Hilton

Driftwood, Merrimac close first Opportunity Zone deal in Flagler Village

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Avra Jain and a rendering of 225 NE 34th Street

Avra Jain plans to benefit from Opportunity Zone for Midtown office building

A rendering of Falls at Gulfstream

High-rise hotel, apartments coming to Hallandale Beach Opportunity Zone

JP Morgan's announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

Ben Carson

WATCH: Ben Carson dives into Opportunity Zones

Midtown Delray, Todd Rosenberg

Pebb Capital pays $40M for once-named Midtown Delray site

Daily Digest Miami

Feds say FIU, FDOT contractors at fault for deadly bridge collapse, Infinity Real Estate looks to sell part of Paramount Bay in Edgewater: Daily digest

arrow_forward_ios
Loading...