Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood.
At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.
The deals include 2 lease renewals, 1 renewal/expansion and 1 new lease deal.
They will serve as Senior Vice Presidents in the Miami office, representing office tenants.
The transactions include two retail and office buildings in South Miami.
The newly proposed mixed-use lifestyle project spans 31 acres.
Avison Young’s John K. Crotty, CCIM, Michael T. Fay, David Duckworth, Brian C. de la Fé, and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Hersha Hospitality Trust.
The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.
On behalf of the landlord, TA Realty, Avison Young Principal Donna Abood, who is also Managing Director of the firm’s Miami office, Vice President Joe Abood, and Associate Peyton Dowd facilitated the transactions.
“I am looking forward to a rewarding new year in commercial real estate,” said 2021 NAIOP South Florida Chapter President Ryan Nee. “As president, I will work to facilitate new alliances among members that will support personal, professional and economic development throughout the tri-county. While the pandemic limited face-to-face engagement in 2020, we are eagerly committed to offering new ways for our members to engage and thrive in 2021.”