JV Buys 80,000-SF Office in the Grove

MIAMI-A joint venture of locally based Steelbridge Capital LLC and Wilton, CT-based Commonfund Realty Inc. has acquired the 80,000-sf Office in the Grove at 2699 South Bayshore Dr. The property was acquired in an off-market deal from Germany-based Uccello Immobilien GmbH, which had owned the asset since 1985. The acquisition price was $20.2 million.

The nine-story building, located in the Coconut Grove submarket of Miami, is 100% leased to three tenants, Kaufman Rossin & Co., Katz Barron Squiterro & Faust, PA and Coffey Burlington PL. A $6-million city streetscape improvement project along the adjacent SW 27th Avenue corridor is planned to be approved within the next year, a project that will situate the building at the gateway to Coconut Grove.

“Coconut Grove is a small market of about one million sf that recently underwent a significant reduction in supply because of the ‘condominimizing’ of several large nearby office buildings,” says Commonfund managing director Timothy Shine.