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February 5, 2016 / Johanna Bassols / 0 Comments / Investment Opportunities

Office Building Hits the Market Near Coral Gables

The Class A office building located at 3150 Southwest 38th Avenue, near Coral Gables, has just been listed on the market for $45 million. According to a recent article from The Real Deal, the 13-story tower, Miami Green, has 115,849 square feet of rentable space and is currently 83% occupied and 91% leased. The building was built in 2008 and is LEED certified.
Tenants at Miami Green include the Consulate General of Brazil, Morrison Brown Argiz & Farra and Ouellete Group Physicians. The publicly-traded real estate investment trust, iStar is listed as the seller. iStar picked up the property through foreclosure actions for just $200,100, after the property sold for $11 million in 2006. iStar claims that they are selling now because “they stabilized it and now it’s time to sell.”
Located near the proposed Douglas Station mixed-use project by 13th Floor Investments and the Adler Group, the site is a prime location near a bustling Coral Gables community. Downtown Coral Gables is in the middle of a major transformation with 40 projects, 2,700 residential units, 1.5 million square feet of office space and 740 hotel rooms in the works. Additionally, the city will be breaking ground soon on their $20 million streetscape overhaul on Miracle Mile and Giralda Avenue, bringing more green space and a more pedestrian friendly atmosphere to the area. A nearby Class A office complex sold for $119 million last December.

For more information about available commercial space in the Miami area, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.

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