WEA News

South Beach building near Joe’s Stone Crab hits market for $45M

Buyer could turn the rooftop terrace into a restaurant or bar

An office building in the South-of-Fifth neighborhood of Miami Beach hit the market for $45 million.

Property records show Yantra 119 LLC, led by Giulio Rangoni and Cinzia Zanella, own the six-story, 43,140-square-foot building at 119 Washington Avenue. The property is on the market with Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate.

The building is 94 percent leased to office and retail tenants, including One Sotheby’s International Realty. It has about 30,000 square feet of Class A office space, 12,600 square feet of retail space, 106 parking spaces on the garage levels, and 20,000 square feet of terrace space.

The property is near popular neighborhood restaurants such as Joe’s Stone Crab and Prime 112, and condo towers like One Ocean and the Continuum.

The office space is asking $78 per square foot to rent, which Datwani said is one of the highest per-square-foot rates in the Southeast. That price does not include parking and terrace costs.

Datwani said the South-of-Fifth property could be repositioned, with the opportunity to turn the rooftop terrace into a restaurant or bar. He figures that in 10 years, the land value of the site will be worth more than the current asking price for the building.

“We feel that now there’s a great opportunity to bring the look and feel of the building into the future,” he said.

Datwani said the owner, who he declined to name, is “not desperate to sell.”

“He knows that he owns gold,” Datwani said. “So if the right investor comes along with the right number, then he’s definitely interested in making a move.”

Datwani and Bijaoui plan to host a party after the Super Bowl in February to officially launch the listing.

Click here to read the full article on therealdeal.com.