The historic Bancroft Hotel building in Miami Beach was acquired for $47 million and part of it will be converted into Class A office space.
Bancroft Oceans Five Holdings, an affiliate of Miami-based Crescent Heights, sold the commercial condos at 1501 Collins Ave. to a joint venture between Boca Raton-based Pebb Capital and Miami-based Maxwelle Real Estate Group. Russell Galbut of Crescent Heights remains a partner in the project.
Built in 1939, the five-story building totals 100,000 square feet of indoor and outdoor space. That includes 50,000 square feet of offices, 20,000 square feet for four restaurants, 30,000 square feet of terrace space and 210 below-ground parking spaces.
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