Civica Center, a retail complex in the Health District of Miami, sold for $26 million.
RP 1050 NW 14th Street LLC, an affiliate of Dallas-based Rockpoint Group, sold the 74,463-square-foot retail property at 1050 N.W. 14th St. to TCD 212 Civica FL Property, an affiliate of Boston-based Taurus Investment Holdings. A10 Capital provided a $23.71 million mortgage to the buyer.
The price equated to $349 per square foot.
The two-story building was built on the 1.8-acre site in 2015. This is the first time it has sold.
Recent tenants in Civica Center include Quest Diagnostics, 7-Eleven, Montessori School, Gateway Dental, Salsa Fiesta, and Dunkin’.
In addition to the deal for Civica Center, Taurus paid $4.53 million to RCR Management for the neighboring building of 4,768 square feet at 1000 N.W. 14th St. It formerly had a bank.
There haven’t been many retail property sales in South Florida since the Covid-19 pandemic started. The drops in tourism and office occupancy have especially hurt sales in entertainment districts and downtowns. The Health District, however, remains busy as it’s home to major health care employers such as Jackson Health System and the University of Miami Health System.
However, the future of this property is likely to look very different.
Taurus said it plans to redevelop the site into a 62,500-square-foot facility with medical office and ground-floor retail and then construct a 460,000-square-foot medical office building on the parking lot behind the building.
“We feel that this acquisition is uniquely located in the heart of the Health District, and will provide much needed supply of medical office and research space to the area, resulting from new allocations made to medical research and development, due to the Covid-19 pandemic,” Taurus CEO Peter A. Merrigan said.
Source: SFBJ