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.
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