Legal Services Offices Building Trades For $19.2 Million
Updated 11.18.14
An affiliate of condo builder Crescent Heights acquired the office building of Legal Services of Greater Miami for $19.2 million.
The 59,259-square-foot building was built in 1965 on the 1.5-acre lot.
The CREC team of senior vice president Peter Mekras and associate Andrew Remick represented the seller, Legal Services of Greater Miami, which has occupied a large portion of the property since 1997.
“This purchase presented a rare opportunity to acquire a premium site offering existing improvements and a Biscayne Boulevard address in one of the hottest submarkets in Miami,” said Peter Mekras, senior vice president at CREC. “The $19.2 million purchase price translates to $290 per land foot and $24 per buildable foot given the site’s zoning for 36 stories and 790,000 square feet of development, creating significant added value to the buyer’s existing assemblage.”
CREC was engaged as the seller’s exclusive sales agent following an RFP process. CREC’s marketing campaign generated significant interest among foreign and domestic investors in addition to condominium, luxury rental, and commercial developers. The transaction was contracted and closed in three months on an all-cash basis. CREC has also been engaged to find Legal Services of Greater Miami a new location for the acquisition or lease of 25,000 square feet of office space.
William Bloom and Shawn Amuial of Holland & Knight’s Miami office provided legal counsel to the seller. Robert Berrin of Capital Realty Services, Inc. acted as owner’s representative.
Crescent Heights also owns the neighboring building of 59,082 square feet at 3050 Biscayne Blvd. The company has done extensive renovations to the latter building since acquiring it for $8 million in 2010.
Legal Services represents clients who can’t afford attorneys and helps non-profit affordable housing developers.
Source: SFBJ
————————-
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
-------------------------
Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning. CLICK HERE TO SUBSCRIBE TODAY!