Hibbs' company, A.A. Holdings LLC, paid $4.35 million or $98.67 per sf for a 35-year-old, 45,000-sf, 98%-occupied office building at 225 NE 34th St in Miami's Biscayne Corridor.
The seller was Charles Leoni, as trustee of the Charles Leoni Inter Divos trust agreement.
Miami-Dade County School Board is the largest tenant in the building developed by Leoni in 1967. The Florida Department of Children and Families also has offices in the building.
Broker Ron London of Wimbish-Riteway Realtors in Miami negotiated for Hibbs. The Leoni family is just beginning to sell some of its extensive real estate holdings in Miami, London says in a prepared statement.
"Downtown Miami is getting old and the Biscayne Corridor is where investors and companies are looking to develop," the broker says. "Biscayne Boulevard is on its way to becoming the Main Street of Miami once again."
London says the sale "marks the beginning of a positive change for Biscayne Boulevard, indicating that more investors and developers are beginning to purchase property in the area."
He says, "Many investors have held onto their properties on the corridor for years, hoping for some activity, and with construction plans for the Performing Arts Center finalized, the Biscayne Corridor is now transforming into a hub for corporate headquarters and cultural life."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
