The property was originally brought to market as a lease opportunity, with ownership having no initial plans to sell. However, within days of the property signage being installed, multiple prospective tenants expressed interest in purchasing the site rather than leasing it.
The property, which was 92% occupied at the time of sale, had been under the same private ownership for the past 20 years.
The transaction was represented by Mike Beckert, Chris Haass, and Scott Witkowski of Cohen Commercial Realty (CCR) on behalf of the tenant. Sabrina Stimming and Ruben Suarez of Colliers represented the landlord.
Plans call for 2,874 residential units, including 200 townhomes, along with 400,000 square feet of retail, 125,000 square feet of Class A office space and a 185-room hotel.
Market activity also comes as nearly 500,000 square feet of active new-to-market requirements are being tracked across Miami-Dade, according to Blanca’s Q1 Miami Office Market report, signaling a strong pipeline of future demand as companies continue to expand and relocate within the region.
Bryan S. Cohen and Chris McCarthy represented the landlord, Precise Property, in the transaction.
The sales total nearly $16 million in value.
The project, which is located near Broward Health and the new Federal Courthouse, is anticipated to be completed in the first quarter of 2027.
Leasing was led by Irma Figueroa, Senior Director of Leasing and Sales for Comras.
The newly acquired assemblage spans multiple properties along North Andrews Avenue, totaling more than 20,000 square feet of existing commercial space.