Design District Office Building Fetches $1,350 PSF

Store Capital picked up a fully leased office building in the Miami Design District for $27.2 million. The building totals approximately 20,000 square feet, yielding a price per square foot of approximately $1,350.

An affiliate of Scottsdale, Arizona-based Store acquired the seven-story building completed in 1926, records and Vizzda show. Current tenant Istituto Marangoni Miami, a fashion school, recently signed a new 30-year lease, according to Vizzda and records.

Citibank provided the buyer with a mortgage, but the amount is not listed in the loan documents, records show.

The seller, SCG MASON BUILDING LLC, an affiliate of San Francisco-based real estate firm Stockbridge, paid $22 million in 2018 for the site at 3704 Northeast Second Avenue, records show. The same year, Stockbridge renovated the building, Vizzda states.

 

Source:  The Real Deal