“This transaction reflects the consistent demand for core assets within Miami Beach with long-term redevelopment value,” says Lapointe. “Over the past 18 months, our buyer was able to achieve an excellent value by working through this complex transaction including a ground lease with the City of Miami Beach.”

We don't see many South Beach office buildings trade, but Ivy's moves last summer are worth reviewing.

MIAMI—Lincoln Place, a single-tenant office headquarters in South Beach, has traded hands. The sale price: $80 million.

NGKF Capital Markets' executive managing director Michael Lapointe, managing director Michael Lohmann, and tenant representative associate director Clay Sider represented the buyer, NG 1601 Washington Ave. CBRE's Christopher Lee represented the seller, Cousins Properties, an Atlanta-based real estate investment trust, in the transaction.

“Lincoln Place provides potential for long term appreciation through active management and repositioning,” Lapointe. “Current rents are far below market and should continue to see strengthen given the continued growth of the Washington Ave corridor.”

Lincoln Place is an eight-story, class A office building. Located at 1601 Washington Avenue, Lincoln Place offers over 110,000-square-feet of office space, 30,000-square-feet of retail space, 500-car parking garage and access to a hotel, shops and restaurants along Lincoln Road. The property is currently single tenant leased to LNR Partners as part of a sale leaseback they completed in 2006.

“This transaction reflects the consistent demand for core assets within Miami Beach with long-term redevelopment value,” says Lapointe. “Over the past 18 months, our buyer was able to achieve an excellent value by working through this complex transaction including a ground lease with the City of Miami Beach.”

We don't see many South Beach office buildings trade, but Ivy's moves last summer are worth reviewing.