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Recently Renovated Miami Beach Office Building Sells For $26.5M

Integra Investments and Constellation Group turned a nice profit on a recently renovated office building in Miami Beach.

The 31,979-square-foot office at 1674 Meridian Ave. sold for $26.5 million.

The seller was 1674 Meridian Ventures LLC, a partnership between Miami-based Integra and Miami-based Constellation, and the buyer was a company led by Juan Jose Zaragoza of Miami-based Exan Capital. The price equated to $829 a square foot.

The building is 55% leased.

The developers acquired the building for $10.1 million in 2019 and performed a major renovation, creating more modern floor plates with spaces for collaboration, enhancing the façade, installing a new HVAC system, touchless elevators and face temperature camera telecoms.

The 5-story building was constructed on the 8,250-square-foot lot in 1959.

 

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