The entire 12th floor of the Chase Bank Building in downtown Miami has sold at $3,400,000 in an all-cash deal.
Fabio Faerman and Eduardo Citcioglu of Fortune International Realty/FA Commercial Advisors represented both parties in the transaction.
The 12th floor totals 9,824 square feet of office space with a credit tenant in place. A renowned law firm has a lease signed for 10 years with 3% annual increases.
The entire space was sold to single buyer, said to be a South American investor who will make 4.8% ROI in the first year.
The building, a 14-story office tower located in the Central Business District (CBD) at 150 SE 2nd Ave., is popular among office investors due to its prime location in downtown Miami.
This historic building designed by Morris Lapidus is across the street from Met1 and the new Whole Foods Market, 3 blocks from Brickell, and has direct access to I-95 – just a few steps from the Metromover and walking distance to the JW Marriott Marquis and Flagler Street. Other notable new developments in the area include All Aboard Florida, Miami Word Center and Brickell City Centre.
“This property represented a great opportunity for the investor because it is a premium office space and is located in Miami urban cores; an area with strong demand from buyers. The market for this type of office space – with credit tenants – remains solid, partly because both international and local companies are looking to establish their presence in the urban heart of the city,” said Fabio Faerman, CEO of Fortune International Realty’s commercial division.
According to a release, Faerman and his team also successfully led the sales force of One Flagler, a condo office conversion in downtown Miami. The building, which totals 143,000 square feet, was completely sold out after only one year.
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