Avison Young Closes Court-Ordered $70.5M Sale Of Biscayne 85
The final sale price doubled the initial stalking horse bid, resulting in a significant victory on behalf of the victims.
The final sale price doubled the initial stalking horse bid, resulting in a significant victory on behalf of the victims.
The mixed-use property features a 20,150-square-foot class A office building with an attached 18,048-square-foot private hangar that can accommodate up to four planes, a luxury 2-bedroom/2-bathroom apartment overlooking the runway, and a prime development opportunity for fee simple-owned land zoned for additional airplane hangars or industrial development.
Avison Young’s John Crotty, CCIM, David Duckworth, Michael T. Fay and Brian de la Fé represented the seller in the transaction.
The $353-per-square-foot transaction far surpassed the current $225-per-square-foot market average for office investment sales.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller, and John Crotty and Michael T. Fay of the Avison Young’s Miami office consulted with both parties on the transaction.
Procacci has owned the land since at least 2013.
The $244-per-square-foot transaction underscores the attractiveness of medical office assets as overall office sale activity has slowed.
Avison Young Principals Michael T. Fay, Jay Ziv, John K. Crotty, David Duckworth, and Brian C. de la Fé completed the sale.
One of the largest contiguous land sites available in South Florida, the development has a buildable program of 2,500 residential units, 240 hotel rooms, 480,000 square feet of retail space, and 650,000 square feet of office space.
The site is the largest undeveloped waterfront property in Miami’s urban core.
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