Colliers International South Florida announced the sale of a 34,741-square-foot office property located at 261 NE 1st Street in Downtown Miami.
The property, known as 261 Lofts, was a vacant, bank owned leasehold that consisted of a 42-year ground lease and an improved office building. Colliers International South Florida Executive Vice President John K. Crotty, CCIM and Chairman – Founding Partner Michael T. Fay, represented the seller and the buyer in the transaction.
Buyer 261 Lofts, LLC purchased the leasehold, which was originally for 99 years, from seller NAFH National Bank. The new owner will use the building for its own business and lease the remaining vacant space.
“This was a challenging sale as the existing ground lease made the subject property virtually impossible to finance and the buyer had to close with cash,” explains Crotty. “The buyer was a perfect fit for the property as they were leasing space nearby and had the desire to become a landlord, as well as create value and cash flow with the remaining vacant space.”
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