Accesso Completes Acquisition Of South Florida Class A Office Asset
The asset is among the tallest office buildings in Sunrise and is the only property in the submarket with garage parking, adjacent hospitality and walkable retail.
The asset is among the tallest office buildings in Sunrise and is the only property in the submarket with garage parking, adjacent hospitality and walkable retail.
The four-story, 93,219-square-foot boutique office building traded for $20 million.
Black Lion President Robert Rivani has plans to invest an additional $50 million to reimagine the property into ‘Class X’ – an innovative concept that aims to redefine luxury and service standards in the office industry.
The sites offer the opportunity to construct 3.1+ million gross square feet, across multiple towers and to a height of 1,049 feet. By-right uses include condominium, hotel, office, retail, or any combination, thereof.
The property makes up the office component of a newly delivered mixed-use project with more than 150,000 square feet of high-end retail space located at the main intersection of Miami’s rapidly transforming City of Doral.
The asset last traded in November 2023 for $48 million.
Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelly of CBRE brokered the transaction on behalf of both the buyer and seller.
The 131,680-square-foot property consists of two single-tenant net leased buildings.
The price equated to $267 per square foot.
New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.
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