CBRE arranged the $27.2 million sale of Vizcayne Retail, a 55,000-square-foot of ground floor retail property plus 126 dedicated parking spaces located at the base of two 49-story condominium towers at the intersection of Biscayne Boulevard and N.E. 2nd Street in Downtown Miami. The purchase price equates to $495 per square foot.
The property was acquired by an affiliate of Stoltz Real Estate Partners, based in Bala Cynwyd, PA.
CBRE’s National Retail Investment Group in Florida, led by Executive Vice Presidents Casey Rosen and Dennis Carson, exclusively represented the seller, an affiliate of Rockwood Capital, based in New York City.
“Vizcayne Retail fit into the seller’s asset disposition strategy and was acquired by a group that plans to complete the leasing and management of the property in an effort to improve value,” said Casey Rosen, Executive Vice President of CBRE’s National Retail Investment Group in Florida. The buyer was interested in excellent real estate with a value creation opportunity and this property met that criteria.”
Built in 2008, Vizcayne Retail was 68% leased at the time of sale by tenants including CVS and The Learning Experience. Vizcayne Retail is located directly opposite the future site of SkyRise Miami and is poised to benefit from the development of numerous significant mixed-use and residential projects under construction or planned near the property.
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