The JV partners expect to see strong demand for office space in Coral Gables in the coming months and years, as leases in more expensive office submarkets begin to expire.
In partnership with Society Wynwood developers PMG and Greybrook Realty Partners, Tricera and LNDMRK are forward-purchasing over 32,000 square feet of ground floor retail at the project.
The tenant is doubling its office space, adding a second floor to its previous lease at the mixed-use development, bringing the company’s total footprint to about 37,000 square feet.
Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.
The new sale marks the third time the brokers sold the same corner over a 10-year period.
This site is composed of a 5,206-square-foot single tenant retail building sitting on a 46,494-square-foot lot.
The site is currently zoned for T6-24A-0, which will allow for a building up to a height of 48 stories. The site is also located within a federally designated Opportunity Zone.
Developed by RedSky Capital, LLC, the property is an 8-story building with approximately 100,000 square feet of office and retail with a verdant rooftop terrace.
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