North Miami Office Building Hits Market for $45M
CBRE’s Ben Silver with 11900 Biscayne Boulevard (CBRE, Google Maps)
A North Miami office building hit the market asking $45 million.
Biscayne Centre, a five-story building at 11900 Biscayne Boulevard, totals roughly 156,500 square feet and has an attached parking garage. The asking price equates to about $288 per square foot.
The seller is longtime Miami resident Ami Shashoua. CBRE has the listing.
Ben Silver, senior vice president at CBRE, said the building is 81 percent occupied. Tenants include The Flowery, a dispensary focused on growing cannabis indoors; Studio Elements, a shared spa workspace; and the Florida Breast Cancer Coalition.
Shashoua’s former company, Incomm Agent Solutions, a payment processing company, also previously occupied space at the building, Silver said. Real Time Technologies acquired the company in August, according to published reports.
Nationwide, the office market is still struggling, though South Florida has proven to be a brightspot. The Real Estate Roundtable recently urged the Biden Administration to bring federal employees back to the office, arguing that it was setting a bad example by adopting permanent remote work strategies.
In Miami-Dade, office asking rents rose 8 percent in the third quarter, year-over-year, to $47.85 per square foot from $44.35 per square foot, according to a Cushman & Wakefield report.
Vacancies dropped to 17.4 percent in the third quarter, from 18.2 percent in the same time period of last year, the report found.
Among recent office building sales in South Florida, Brick & Timber Collective this month bought its third building in Miami’s Wynwood neighborhood. The San Francisco-based firm paid $62 million for Cube Wynwd, at 222 Northwest 24th Street.
In October, Renaissance Properties paid $51 million for a 190,000 square foot office building in Boca Raton, with plans to refurbish the building.
In July, Pebb Enterprises and Contrarian Capital Management bought the Meridian Office Center at 6551 and 6601 Park of Commerce Boulevard in Boca Raton for $29.8 million.
