Office building by Lincoln Road in Miami Beach trades for nearly $50M

An entity tied to Greenacres Management bought the renovated 10-story tower at 1688 Meridian Avenue

Miami /
Aug.August 31, 2021 04:30 PM
Office building by Lincoln Road in Miami Beach trades for nearly $50M

1688 Meridian and Ophira Cukierman (Google Maps and Crew Miami)

A renovated office building by Lincoln Road in Miami Beach traded for $49.5 million.

1688 Property Owner LLC, an entity managed by Ophira Cukierman, bought the Class A office property at 1688 Meridian Avenue, which is across the street from the Macy’s off Lincoln Road. Cukierman is the founder and principal of Greenacres Management, a Scarsdale, New York-based company that handles U.S.-based acquisitions for a German family office.

Cukierman’s entity secured financing for the acquisition from Verde Partners, arranged through JLL Capital Markets, which also represented the seller, Montvale, New Jersey-based commercial real estate firm Ivy Realty. The deal also includes two parking lots at 1699 and 1709 Jefferson Avenue.

According to JLL, the 10-story tower has 88,419 square feet and was renovated in 2019. The building is 81 percent occupied.

Ivy Realty paid $48.7 million in 2016 for the three properties, records show.

The deal represents another big ticket trade of a South Florida office asset. In Hollywood, a joint venture between real estate investment firms Fox Ridge Capital, TFK Real Estate Investment and Jax Capital Investments just acquired a three-building office campus for $50 million.

Also this month, New York-based Acquest Development picked up a pair of office properties at 9801 and 9901 Belvedere Road in Royal Palm Beach for $23 million. And an entity managed by Marlon Munoz and Jorge L. Read bought the U.S. headquarters of Mexican media conglomerate Grupo Televisa in Virginia Gardens for $12.8 million.

Last month, a partnership involving Tricera Capital paid $60.7 million for the One Clearlake office tower in Palm Beach.

According to a JLL second quarter report, the Miami market has achieved all-time highs for office asking rents, even as occupancy rates lagged. The total vacancy rate reached 20 percent, with asking rents at $46 a square foot, a 2.6 percent increase from pre-pandemic levels, according to JLL.





    Related Articles

    arrow_forward_ios
    Alta principals Seth Wise and Joel Altman and rendering of Altra Kendall at 9501 Southwest 137th Avenue (Altman)
    Altman scores $75M construction loan for Kendall multifamily project
    Altman scores $75M construction loan for Kendall multifamily project
    Moishe Mana with Mana Wynwood (Getty, Google Maps)
    Moishe Mana scores $275M credit line for Wynwood portfolio
    Moishe Mana scores $275M credit line for Wynwood portfolio
    From left: Kimber's Leslie Edelman and developer Jules Trump along with a rendering of the Estates at Acqualina (Getty, Trump Group, Facebook/USA Shooting)
    Kimber gunmaker buys Estates at Acqualina condo for $21M
    Kimber gunmaker buys Estates at Acqualina condo for $21M
    Related Companies' Stephen Ross and Related Group's Jorge Pérez (Getty; Illustration by Kevin Rebong for The Real Deal)
    End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
    End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
    Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue (LinkedIn, Google Maps, Eleventh Circuit Court)
    Z Capital slapped with $16M verdict in Carillon Miami Beach lawsuit
    Z Capital slapped with $16M verdict in Carillon Miami Beach lawsuit
    From left: BH Group’s Isaac Toledano and Prologis' Hamid Moghadam (Getty, BH Group, Prologis, McDowell Housing Partners)
    Miami-Dade dev flurry: BH eyes Ojus rentals, Prologis bets on Beacon Lakes expansion
    Miami-Dade dev flurry: BH eyes Ojus rentals, Prologis bets on Beacon Lakes expansion
    Abraham “Abie” Hidary and Eddie Hidary and Hidrock's David Huke with a rendering of the project planned for 1700 Northeast 164th Street (LinkedIn, RevereCRE)
    Hidrock, Grupo Portland plan 400-unit rental tower in North Miami Beach
    Hidrock, Grupo Portland plan 400-unit rental tower in North Miami Beach
    Fisher island, Continuum South Tower, Estates at Acqualina and rendering of Ritz-Carlton Residences (Google Maps, Ritz-Carlton)
    Miami-Dade condo sale prices continue to dip in November
    Miami-Dade condo sale prices continue to dip in November
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...