Investors Target A District North of Downtown Miami
The recent $6.5 million sale of 5000 Biscayne Boulevard, a class B office building in the Miami Modern Biscayne Boulevard Historic District, highlights the demand for CRE in one of Miami’s up-and-coming neighborhoods north of downtown Miami. The 15,618-square-foot office building sold to 69th ST Loan, which Alex Karakhanian and Damian Narvaez operate. I marketed and sold the development site to Karakhanian, who has been an active investor in the neighborhood for several years, as reported by GlobeSt.com.
5000 Biscayne is located in the Biscayne corridor office submarket. Bank of America is the anchor tenant. Under Miami 21 zoning, more than 220 units and over 321,000 square feet of mixed-use space can be built on the 1.5 acres of land.
The buyer is part of a group of investors who are turning their attention to the MiMo district, along the once-neglected boulevard between 50th and 77th streets. Other important players injecting new life to the neighborhood includes developer Avra Jain, who renovated the historic Vagabond Hotel and turned it into one of the district’s jewels; the $1.5 billion-real estate investment fund Greenstreet Real Estate Partners, which has spent more than $14 million buying retail and office properties in the area in recent time and others, according to GlobeSt.com.
The area is also seeing an influx of new residents. Since 2000, the population has grown by nearly 14% with 548,702 people living in the neighborhood. That number is expected to increase 3% within the next five years. The re-urbanization of Miami’s urban cores is fueling population growth in certain pockets of Miami such as the MiMo district. That is fueling a demand for development sites in those areas.
Read GlobeSt article here: What’s Driving the MIMO Revival