CBRE has facilitated the sale of Biscayne Centre, a 156,446-square-foot office building located at 11900 Biscayne Boulevard in Miami.
Biscayne Real Estate Holdings, LLC purchased the property for $39 million. The prices equates to $249 per square foot.
Benjamin H. Silver and Charlie Manuel with CBRE represented the seller, 11900 Biscayne LLC, in the transaction. The buyer was also procured by the listing team.
“We brought Biscayne Centre to market in December, while much of the institutional office market was on hold, to help the seller capitalize on the growing attention the Miami office market has been receiving,” said CBRE Senior Vice President Benjamin H. Silver. “The property garnered significant interest, including a handful of competitive offers from buyers across the country. Ultimately, we felt the best buyer would be someone who understood the local market dynamics and recognized the opportunity the property offered as a value-add play in an undervalued market.”
Biscayne Centre is an eight-story office building featuring ground floor retail space and an attached multi-level parking garage. The property operated as an office condominium until recently when the seller renovated the building, converting it into one of the premiere boutique office buildings in Miami. Building amenities include front desk security, in-house café, day spa, and most suites enjoy picturesque views of the water. At the time of sale, Biscayne Centre was 81% occupied.
Centrally located between Aventura, Bal Harbour, Surfside, and Miami Beach, Biscayne Centre is one of a small number of office buildings along the Biscayne Corridor in North Miami, one of Miami’s most heavily traveled and prominent urban corridors.
Tenants can walk to a number of retailers and have nearby access to Interstate 95, Florida’s Turnpike, and Palmetto Expressway (State Road 826).
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