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
    Arnaud Karsenti, managing principal of 13th Floor Investments (iStock, 13th Floor)
    Brickell church votes to sell waterfront land to developer for condo tower
    Brickell church votes to sell waterfront land to developer for condo tower
    Carl Austin Rosen and 235 Northeast 29 Street in Miami (Second Hand Songs, DWNTWN Realty Advisors/Crexi)
    Music exec and songwriter buys Edgewater building in Opportunity Zone
    Music exec and songwriter buys Edgewater building in Opportunity Zone
    Steve Stoute and the Pine Tree Drive Circle mansion (Getty)
    Music exec Steve Stoute the buyer behind $28M Miami Beach deal: sources
    Music exec Steve Stoute the buyer behind $28M Miami Beach deal: sources
    Seagis VP Bradlee Lord with the facility (Google Maps, Cornell)
    Seagis Property Group buys warehouse near Miami Gardens for $8M
    Seagis Property Group buys warehouse near Miami Gardens for $8M
    Windstar Cruises president Chris Prelog with Doral Concourse (MG3 Group, Windstar)
    Lease roundup: Cruise line moving HQ to Doral, tech firm inks Wynwood lease
    Lease roundup: Cruise line moving HQ to Doral, tech firm inks Wynwood lease
    Closing at Eighty Seven Park tops Miami’s weekly condo sales
    Closing at Eighty Seven Park tops Miami’s weekly condo sales
    Closing at Eighty Seven Park tops Miami’s weekly condo sales
    Toll Brothers, CanAm Capital Get $103M loan for luxury student apartments
    Toll Brothers, CanAm Capital Get $103M loan for luxury student apartments
    Toll Brothers, CanAm Capital Get $103M loan for luxury student apartments
    Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
    Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
    Luxury car tycoon pays $7M for manse in Aventura’s Island Estates
    arrow_forward_ios

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

    Loading...