Historic Brickell Avenue building listed for sale

Leases cover the annual expenses of $160K

Feb.February 10, 2020 02:30 PM
Stephen Nostrand and 1548 Brickell Avenue

Stephen Nostrand and 1548 Brickell Avenue

A company tied to a major Spanish canned foods company is looking to sell the Nolan House, a historic building on Brickell Avenue.

The property, at 1548 Brickell Avenue, is hitting the market for $8 million, according to the listing broker, Stephen Nostrand of One Commercial, the commercial division of One Sotheby’s International Realty. Miami banker George Nolan built the neoclassical building in 1926 as a house, and it was later converted to an office building with 10,500 square feet and 21 office suites.

The Nolan House property operates as a shared office building with a full kitchen, eight bathrooms, a shared reception area and three conference rooms.

EJG Real Estate LLC, led by Estanislao and Jose Garavilla, paid $3.8 million for the building in April. That means they’re looking to sell the property for more than twice what they paid less than a year ago. The family owns Grupo Conservas Garavilla, a Spanish and Latin America company that produces and sells canned fish and other foods. According to LinkedIn, Jose Garavilla is the family office manager at Esbeli S.L.

Nostrand declined to comment on the identity of the seller.

The Nolan House is just south of 15th Road on the west side of Brickell Avenue. It’s near Echo Brickell, a 57-story, 180-unit luxury condo tower developed by Property Markets Group in late 2017.

Nostrand said that while the exterior of the Nolan House has to remain the same due to its historic designation, the building’s interior could be converted to another commercial use or could go back to its original residential state. The property includes 21 parking spaces in the back.

About 15 office tenants are leasing in the building, and their leases expire over the next few months. Nostrand said the income from those leases covers the expenses of about $160,000 a year, which includes property taxes, insurance, maintenance and more.

“We see this as perfect [for a] tech firm, law firm, architect, or professional business that has some appreciation for this incredible neoclassical asset that takes us back to the 1920s in Miami,” he said.

About two years ago, Mast Capital sold the historic French chateau at 1500 Brickell Avenue for $6.25 million to Chateau Petit Douy, a hospitality group. Chef Clay Conley is expected to open a restaurant there this spring, according to the Miami Herald.

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