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The newly completed transit-oriented development includes mixed income apartments and neighborhood retail along the Miami-Dade Metrorail corridor at the entrance to Coconut Grove.
The development’s retail and office space are 100% leased ahead of its planned opening this summer.
Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space.
Two of the three tenants are relocating law firms.
The portfolio was sold in four separate transactions to two different buyers.
The companies plan to develop a 595,000-square-foot depot facility at the site.
Thad Adams, Managing Director of Brokerage Services at The Allen Morris Company, along with Rafael del Rosal and Maricarmen Cabrera, also with The Allen Morris Company, represented the tenant in lease negotiations. Kevin Gonzalez, Senior Vice President, Tom Farmer, Vice President and Stephen Rutchik, Vice Chairman with Colliers, represented the landlord.
The transaction ranked as South Florida’s largest urban retail lease in 2023 and the fourth-largest retail lease deal overall.
The property features a full block’s frontage on Biscayne Boulevard between 25th and 26th streets.
The first phase of the affordable/workforce apartment community will deliver 120 apartments catered to seniors in Leisure City of southern Miami-Dade.
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