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South Beach Office Building Sells For $52M

East End Capital and GreenOak Real Estate offloaded a South Beach office building for $52.3 million, property records show.

The four-story building, located at 555 Washington Avenue, is in a district known for its party scene, just a block from both 5th Street and nightlife mogul David Grutman’s popular Goodtime Hotel.

The 137,579-square-foot property offers 243 parking spots, 46,000 square feet for offices and 22,000 square feet of street-level retail, most of which is leased to CVS.

For the buyer, the Boston-based Davis Companies, the purchase appears to be its first office foray in South Florida.

The sellers paid $38 million in 2018 for the mixed-use property, built in 2001. The $14 million profit in just four years reflects Miami Beach’s growing appeal for top executives.

 

Source:  Commercial Observer

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