Juan Jose Zaragoza from Miami real estate fund manager Exan Capital bought a renovated office building in South Beach just off Lincoln Road.
Integra Investments and the Constellation Group sold the property at 1674 Meridian Avenue for $ 26.5 million, according to an Integra press release.
The five-story, 31,979 square meter building on 0.2 hectares has floor-to-ceiling windows and 5,505 square meters of retail space.
It was originally developed in 1959, according to Realtor.com.
The office building is 55 percent let. The tenants include the technology company Creatd; Management Consultant Rosemawr Management; Melvin Capital and GMF Capital, both investment management firms based in New York.
Miami-based Integra and Constellation, with its offices near Dadeland Mall, have invested millions in capital improvements on the property after buying it for $ 10.1 million in 2019, according to the press release.
Constellation, headed by founder Eduardo Otaola, is a commercial real estate investor with a family office approach.
The renovated building offers tenants ready-to-move-in areas with floor plans that include areas for collaboration. Other improvements include touchless elevators, facial temperature camera telecommunications, and facade improvements, according to the press release.
Miami Beach is pushing to transform South Beach from a globally recognized party destination into an office market.
Earlier this year, the city received interest from 17 development teams in building offices on land that the winner will lease from the city near Lincoln Road.
As part of an effort to change the city’s image, officials also asked voters if they would like a 5 a.m. to 2 a.m. alcohol sale in the city’s Art Deco entertainment district. Almost 57 percent of voters approved the non-binding initiative. The move is supported by Mayor Dan Gelber, but rejected by many companies in the region.
Integra is also a development partner in the new headquarters of Barry Sternlicht’s Starwood Capital Group in Miami Beach at 2340 Collins Avenue.