MIAMI—Edgewater has been seeing plenty of condos rising from the dirty, but this Downtown Miami neighborhood is also seeing some office action. Legal Services of Greater Miami sold the office asset to 3000 Property, for $19.2 million.
Continental Real Estate Companies' senior vice president Peter Mekras and associate Andrew Remick represented Legal Services, a non-profit that has owned and occupied a large portion of the property since 1997. 3000 Property is managed by principals of Miami-based real estate firm Crescent Heights.
“This purchase presented a rare opportunity to acquire a premium site offering existing improvements and a Biscayne Boulevard address in one of the hottest submarkets in Miami,” says Mekras. “The $19.2 million purchase price translates to $290 per land foot and $24 per buildable foot given the site's zoning for 36 stories and 790,000 square feet of development, creating significant added value to the buyer's existing assemblage.”
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