Office building by Lincoln Road in Miami Beach sells for $27M
55% leased property counts financial firms as tenants
Juan Jose Zaragoza of Miami-based real estate fund manager Exan Capital bought a renovated South Beach office building just off Lincoln Road.
Integra Investments and Constellation Group sold the property at 1674 Meridian Avenue for $26.5 million, according to an Integra news release.
The five-story 31,979-square-foot building on 0.2 acres has floor-to-ceiling windows and 5,505 square feet of retail space.
It was originally developed in 1959, according to Realtor.com.
The office building is 55 percent leased. Tenants include tech company Creatd; business management consultant Rosemawr Management; Melvin Capital and GMF Capital, both investment management firms based in New York.
Integra, based in Miami, and Constellation, with its offices near Dadeland Mall, put millions in capital improvements into the property after they bought it in 2019 for $10.1 million, according to the release.
Constellation, led by founder Eduardo Otaola, is a commercial real estate investor with a family office approach, according to the release.
The revamped building offers tenants move-in ready spaces with floor plans that have areas for collaboration. Other improvements include touchless elevators, face temperature camera telecoms and façade enhancements, according to the release.
As part of the effort to change the city’s image, officials also asked voters if they want a rollback of alcohol sales from 5 a.m. to 2 a.m. in the city’s Art Deco Entertainment District. Nearly 57 percent of voters approved the non-binding initiative. The move is supported by Mayor Dan Gelber but opposed by many area businesses.
Integra also is a development partner in Barry Sternlicht’s Starwood Capital Group’s new Miami Beach headquarters at 2340 Collins Avenue.