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
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.