Real Estate

Virgin MiamiCentral Offices Sold For $159M

Florida East Coast Industries has sold the office buildings 3 MiamiCentral and 2 MiamiCentral for $159 million to Shorenstein, according to The Real Deal.

3 MiamiCentral was completed December 2017 and has 90,000 square feet of office space and 35,000 square feet of retail. 2 MiamiCentral, which was completed last year has 190,000 square feet of office space.

2.1 Acre 99 Riverside In Brickell Listed For $90.5M

99 Riverside Site

A 2.1 acre site in Brickell located at 99 Southwest 7th Street, 625 Southwest 1st Avenue and 66 Southwest 6th Street could get $90.5 million from a buyer, according to The Real Deal.

The site is known as 99 Riverside was previously listed for sale in May 2014 and was called Waterside at Brickell.

The site has potential for an 80 story tower with 1,400 residential units.

Nearby, Swire Properties are building two towers at 52 stories and 64 stories as part of the Brickell City Centre expansion.

Also next to 99 Riverside is the proposed Edge on Brickell that would be 58 stories.

TBT - Cocowalk In Coconut Grove Sold For $87.5M

Cocowalk in 2011

TBT (May 5, 2015) - 4 years ago Cocowalk was sold for $87.5 million. The Duffy’s Sports Grill was eventually abandoned and gutted, along with the Hooters Restaurant on the 3rd floor.

The Eastern portion and main rotunda at Cocowalk was completed demolished September 2018 and construction is now underway for the 5 story office One Cocowalk.

The outdoor shopping mall in Coconut Grove called Cocowalk has sold for $87.5 million, according to the Miami Herald

Federal Realty Investment Trust purchased the mall from PMAT Real Estate Investments who bought it for $87 million in 2006.

The mall opened in 1990 across from the Mayfair hotel and was a popular attraction when first opened. In recent years, tenants have left leaving as much as 20% of the space vacant. 

However, Coconut Grove is seeing a resurgence in the area with the addition of Grove at Grand Bay,  Regatta Park, and tenants such as the Clyde Butcher Gallery Coconut Grove, Harry's Pizzeria and Panther Coffee in the Engle Building.

Moishe Mana Purchases Another Downtown Miami Building For $2.3M

108 South Miami Avenue

108 South Miami Avenue

Moishe Mana has purchased a 7,610 square foot building located at 108 South Miami Avenue for $2.3 million, according to The Real Deal.

Mana purchased the 2 story building next to his current purchase for $3.5 million in August 2018.

Over $350 million has been spent by Mana to acquire Downtown Miami properties over the past 4 years.

Edgewater Site Listed For $4.9M

530 NE 29th St Site in Edgewater

A 6,300 square foot Edgewater site located at 530 NE 29th Street has been listed for sale for $4.9 million, according to The Real Deal.

Currently on the site is a 10 unit apartment building that can be zoned for 8 stories, but can go as high as 45 stories if joined with the 15 unit condo next to it on the water.

TSG Group Purchases Arts & Entertainment District Site For $5.9M

1765 North Miami Avenue

TSG Group has purchased a 30,000 square foot site at 1765 North Miami Avenue located in the Arts & Entertainment District for $5.9 million, according to The Real Deal.

The site will be used as a multifamily project and is zoned for up to 24 stories and 344 units.

Construction could break ground early 2020.

TBT - "Scarface" Building On Ocean Drive Sells For $15M

728 Ocean Drive

TBT (March 19, 2015) - 4 years ago the building used in the movie Scarface was sold for $15 million. Demolition and renovation started on the building in April 2017 before finally being completed January 2018 and turned into a CVS.

The building that was used in the infamous chainsaw scene in the movie Scarface has sold for $15 million, according to the Real Deal. 

The property at 728 Ocean Drive and 6,500 square foot building was sold to New York based developers, Infinity Group. 

A Johnny Rockets restaurant operates from the ground level of the building. 

The building last sold for $8 million in 2011.