Office building by Lincoln Road in Miami Beach sells for $27M

55% leased property counts financial firms as tenants

Miami /
Dec.December 21, 2021 02:30 PM
Exan Capital’s Juan Jose Zaragoza and a rendering of 1674 Meridian Avenue in Miami Beach (Exan Capital, rendering by Integra Investments)

Exan Capital’s Juan Jose Zaragoza and a rendering of 1674 Meridian Avenue in Miami Beach (Exan Capital, rendering by Integra Investments)

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.

Miami Beach is pushing to morph South Beach from a globally recognized party destination into an office market.

Earlier this year, the city received interest from 17 development teams to build offices on land the winning developer will lease from the city near Lincoln Road.

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.





    Related Articles

    arrow_forward_ios
    Finvarb's Ronny Finvarb and 1685 Washington Avenue (Finvarb Group, Google Maps, iStock)
    Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
    Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project
    Geneva Group Managing Partner Jarred Elmar and Regal Medical Center at 1011-1021 North State Road 7 in Royal Palm Beach (Google Maps, Geneva Group)
    Geneva JV acquires Royal Palm Beach medical office complex for $15M
    Geneva JV acquires Royal Palm Beach medical office complex for $15M
    Stephen Ross, Miami Beach Commissioner Kristen Rosen Gonzalez, Miami Beach Mayor Dan Gelber and Frank Gehry with the Deauville Beach Resort (Wikipedia, Getty, Visit Florida, Related, Rosen Gonzalez)
    “Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville
    “Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville
    BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    The apartment building at 1770 Meridian Avenue, Miami Beach with Victory Investments Group CEO Anil Monga (Google Maps)
    Hotel Astor owner buys Miami Beach apartment building
    Hotel Astor owner buys Miami Beach apartment building
    Leon Patitsas, CEO of Atlas Maritime, and 225 North Hibiscus Drive in Miami Beach (LinkedIn/Leon Patitsas, Redfin)
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    Aloft Miami Dadeland hotel at 7600 Southwest 88th Street (Marriot)
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    The lot where the Champlain Towers South once stood (Getty)
    Settlement in Surfside condo collapse now over $1B
    Settlement in Surfside condo collapse now over $1B
    arrow_forward_ios

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

    Loading...