Boutique Office Building In Miami Trades

Cushman & Wakefield arranged the $13,500,000 sale of 21/22 Center, a 73,606-square-foot boutique office building with ground level retail located at 2103 Coral Way in Miami.

Miguel Alcivar, Scott O’Donnell, Dominic Montazemi, Mike Ciadella, and Greg Miller of Cushman & Wakefield represented the seller. The property was sold by Netz Coral Way, LLC and acquired by MVH-2103, LLC, who was represented by Yovahnn Vinas of All Luxury Realty.

“This offering represented an opportunity to acquire a uniquely positioned, infill asset with a synergistic mix of office and retail tenancy at an attractive basis with additional upside through a mark-to-market strategy as buildings along this strategic commuter corridor continue to offer compelling relative value vis-à-vis the pricier Coral Gables and CBD submarkets,” said Alcivar, Managing Director at Cushman & Wakefield.

 

Netz USA LLCs Frank Micali, CCIM, commented, “This asset has been a highly profitable part of our portfolio for over a decade. While we would have loved to retain it for the long term, the fund housing this asset has reached its redemption period, and it’s time to return the proceeds to all our stakeholders.”

21/22 Center is leased to a mix of 25 office and retail tenants and centrally located along the dense Coral Way commuter corridor that links Coral Gables to Miami’s Central Business District. Prominently situated at the northwest corner of Coral Way and SW 21st Avenue, the eight-story tower features integrated structured parking, a timeless glass curtain façade, and attractive window lines that offer ample natural light and panoramic views of Miami.