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

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.

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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.