The resurgence of Miami’s real estate market continues apace. From high-profile office deals to high-priced residential closings, the market is vibrant. Here are three significant deals that have taken place recently in Miami’s office sector:
1. In the largest office deal since 2008, Crocker Partners purchased the 34-story, 786,267-square-foot Miami Center located at 201 S. Biscayne Blvd. for $262.5 million. The deal was financed through a 10-year, $172.5 million conduit loan from Citibank. The property is 84% leased.
2. In a cash deal, 216 Lofts LLC purchased the 34,741-square-foot 261 Lofts office complex located at 261 NE 1st Street in Downtown Miami. The buyer purchased the leasehold interest in the property, which was bank-owned. The new owner will use it for its own business and lease the remaining space.
3. In its second high-profile acquisition in Miami in two years, the New Boston Fund purchased the six-story, 91,285-square-foot Waterford Centre, located at 6205 Blue Lagoon Drive in the Blue Lagoon Business Park near Miami International Airport. In 2010, New Boston acquired the 281,623–square-foot, 11-story One Park Square in Doral. The Real Deal reports the company plans to invest “significantly” into the property. Blanca Commercial Real Estate will lease and market the property, which is currently 74% leased.