The property previously housed the workplaces of the Miami Herald. Picture courtesy of Avison Younger
SmartCity Miami, an funding group led by Miami-based Terra, is buying a mixed-use property in downtown Miami from Genting Group for $1.23 billion. The deal is anticipated to shut earlier than the top of the yr.
The 15.5-acre improvement often called BayCity Miami, which previously housed the headquarters of the Miami Herald, is situated on Biscayne Bay in downtown Miami. Located halfway between Miami Seaside and Miami Worldwide Airport, the location is the most important undeveloped waterfront property within the metropolis’s city core and encompasses greater than 800 toes of direct frontage alongside Biscayne Bay.
The Avison Younger staff that represented Genting Group comprised Michael Fay, John Crotty, David Duckworth and Brian de la Fé brokered the transaction on behalf of Genting Group. Suzanne Amaducci led a staff at legislation agency Bilzin Sumberg representing the vendor. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Legislation Group represented SmartCity Miami.
There have been 9 provides on the property from potential consumers, 5 of which exceeded $1 billion. Genting is retaining possession of what it known as a “vital” portion of land adjoining to the mission.
Within the workplace sector, Miami leads different southern markets when it comes to gross sales exercise, CommercialEdge’s nationwide workplace report reveals. Within the first two months of the yr, offers within the metro totaled $332 million, with belongings being traded at a median price of $556 per sq. foot.
The Brookdale Group not too long ago acquired Cornerstone Company Middle I, a 170,172-square-foot, Class A workplace constructing in Plantation, Fla., for $37.9 million, whereas Atlantic Coast Automotive Inc. affiliate Biscayne Actual Property Holdings LLC acquired Biscayne Centre, a 156,446-square-foot workplace constructing in North Miami, Fla., for $39 million.
