Coconut Grove Trophy Office Buildings Trade For $42 Million

Apr 30, 2015 No Comments by

Marcus & Millichap announced the sale of two office buildings in Coconut Grove:  Bayview Executive Plaza and Continental Plaza.

The total sales price for the two properties is $42 million.

Douglas K. Mandel, first vice president investments, and Benjamin H. Silver, associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller and procured the buyer, Allegra Holding.

 

“These buildings are well positioned to reap the benefits associated with the explosive growth of new developments in ‘The Grove’ and the buyer will be able to take advantage of future spikes in demand that will push rental rates to new highs,” says Mandel.

“Both assets provide tenants with access to secure and covered parking, world-class restaurants and amenities, and were fully occupied at the time of sale. Bayview Executive Plaza has spectacular views of Biscayne Bay and downtown Miami.”

BayviewLocated at 3225 Aviation Ave., Bayview Executive Plaza is one block west of Bayshore Drive, the world-famous Monty’s Raw Bar and the Biscayne Bay waterfront. The 57,155- rentable-square-foot property is occupied by a mix of professional tenants, including Femwell Group Health Inc., Wolfberg Alvarez & Partners and Pinchasik Yelen Muskat Stein LLC. The building has a covered parking garage and an elevated exterior plaza with seating areas.

Continental PlazaContinental Plaza is a unique, 80,380-square-foot, five-story red-brick building located at 3250 Mary St. across the street from the new Park Grove development site, which is three planned 20-story condo towers plus retail and office space. Tenants include The Downs Law Group and HealthSun Health Plans Inc.

 

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