North Miami Office Asset Changes Hands for $39M

11900 Biscayne Blvd. Image courtesy of CBRE

Biscayne Real Estate Holdings LLC has acquired Biscayne Centre, a 156,446-square-foot office building in North Miami, Fla. According to public records, the buyer is an entity tied to Atlantic Coast Automotive Inc. CBRE Senior Vice President Benjamin Silver and Vice President Charlie Manuel brokered the $39 million transaction on behalf of Incomm Agent Solutions, identified by CommercialEdge as the seller, also procuring the buyer.

Completed in 1986, the eight-story office asset features ground-floor retail and a multi-level parking garage. Biscayne Centre was previously used as an office condo, but the seller recently renovated the property and transformed it into a boutique office building. Front desk security, an in-house café and a day spa are among the amenities available for tenants.

At the time of the sale, Biscayne Centre had an occupancy rate of 81 percent. Wolfson & Grossman, APRIL International, Offices of Olivia S. Benson, Bankers Life, Prime Medical of North Miami and Florida Breast Cancer Foundation are among the tenants at the property, CommercialEdge reveals.

Miami’s office market commands top dollar

Located at 11900 Biscayne Blvd., the property sits between Aventura, Bal Harbour, Surfside and Miami Beach, offering connectivity to Interstate 95, Florida’s Turnpike and State Road 826, while Miami International Airport is 13 miles away. Additionally, an array of retail and dining destinations are within walking distance.

According to the latest CommercialEdge national office report, Miami has emerged as the top leader among southern markets in terms of sales activity. The metro recorded office transactions amounting to $332 million and assets being traded at an average rate of $556 per square foot in the first two months of the year. Biscayne Centre changed hands at roughly $249.3 per square foot.

As per the same source, the market continued to maintain its position as the most expensive office market in the Southern region, with asking rents averaging at $46.89 per square foot.