A 9-story, bay-front office building in Coconut Grove is under new ownership. According to a recent press release, Mast Capital, Wexford Capital and 13th Floor Investments purchased the property, located at 2699 South Bayshore Drive, for $29.5 million.
According to the release, the transaction closed April 7, less than sixty days after taking contract. The property is 100 percent leased and overlooks Dinner Key Marina and Biscayne Bay, offering tenants unobstructed water views. The building rests on a 45,000-square-foot lot and is zoned for a high rise residential condominium or mixed-use tower.
Camilo Miguel, Jr., founder and CEO of Miami-based Mast Capital, contributed an off market-, all cash-offer to help sweeten the deal. He said he believes redevelopment is in the building's future, though no plans are currently determined.
"It is rare to find such a special piece of waterfront property with good tenants and good in-place cash flow," Miguel said in the release. "Miami appeals to the whole world now, not just to South Americans; it is a new city today, and the Grove is becoming more desirable than ever. I pursue opportunities nationwide, but I love Miami as a market and it is where I am focusing most of my energy. Miami is going through a transformation once again, with more resilience and a tremendous convergence of wealth from all over the world. It will reemerge as a new city."