11900 Biscayne Blvd. Picture courtesy of CBRE
Biscayne Actual Property Holdings LLC has acquired Biscayne Centre, a 156,446-square-foot workplace constructing in North Miami, Fla. Based on public information, the customer is an entity tied to Atlantic Coast Automotive Inc. CBRE Senior Vice President Benjamin Silver and Vice President Charlie Manuel brokered the $39 million transaction on behalf of Incomm Agent Options, recognized by CommercialEdge as the vendor, additionally procuring the customer.
Accomplished in 1986, the eight-story workplace asset options ground-floor retail and a multi-level parking storage. Biscayne Centre was beforehand used as an workplace condominium, however the vendor lately renovated the property and reworked it right into a boutique workplace constructing. Entrance desk safety, an in-house café and a day spa are among the many facilities out there for tenants.
On the time of the sale, Biscayne Centre had an occupancy charge of 81 p.c. Wolfson & Grossman, APRIL Worldwide, Workplaces of Olivia S. Benson, Bankers Life, Prime Medical of North Miami and Florida Breast Most cancers Basis are among the many tenants on the property, CommercialEdge reveals.
Miami’s workplace market instructions high greenback
Positioned at 11900 Biscayne Blvd., the property sits between Aventura, Bal Harbour, Surfside and Miami Seaside, providing connectivity to Interstate 95, Florida’s Turnpike and State Street 826, whereas Miami Worldwide Airport is 13 miles away. Moreover, an array of retail and eating locations are inside strolling distance.
Based on the most recent CommercialEdge nationwide workplace report, Miami has emerged as the highest chief amongst southern markets by way of gross sales exercise. The metro recorded workplace transactions amounting to $332 million and belongings being traded at a median charge of $556 per sq. foot within the first two months of the yr. Biscayne Centre modified palms at roughly $249.3 per sq. foot.
As per the identical supply, the market continued to keep up its place as the most costly workplace market within the Southern area, with asking rents averaging at $46.89 per sq. foot.
