The building that is currently home to popular newspaper, Miami Today, has recently been listed at $20 million. The building is located at 2000 South Dixie Highway in Coconut Grove, and is fully occupied with a number of tenants, including Tinsley Advertising, the ad agency that’s worked with brands like Airbus and Paramount Pictures. According to a recent article from The Real Deal, the building is owned by an LLC named after its address, which is registered to agent Jose Pita, the head of a company called Sunrise Grove Management.
The property, which was built in 1972, was last purchased for $4.925 million in 2010. At that point, the current owners began major renovations, including new impact-resistant windows, an updating of the interior decorating, and a remodel of the building’s two-story atrium.
Tenants in the 53,074-square-foot office building are paying about $28 per square foot, triple-net, and when leases expire, the new owner would have the option of raising those rates. According to a second-quarter report from commercial brokerage CBRE, current asking rents in the neighborhood are around $34 per square foot for Class A space and $31.64 for Class B space. While the property functions extremely well as an income producing property, there is still potential for developers to pick up this listing, which offers 90,000 square feet of land.
For more information about available properties in Miami, contact Oceanica Real Estate at (786) 270-1743 or firstname.lastname@example.org.