Real estate provider, investment manager, developer and operator Madison Marquette has acquired two office buildings in Miami’s Coconut Grove submarket on behalf of a discretionary institutional commercial real estate fund. The sales price was $47.7 million.
The buildings are Bayview Executive Plaza, located at 3225 Aviation Ave., and Continental Plaza, at 3250 Mary St. The two properties total 135,000 square feet. Madison Marquette will provide investment, asset and project management services to complete an enhanced repositioning of both office properties. The two buildings were a combined 90% leased at the time of sale.
Roberto Susi and Jose Sasson of Axiom Capital Advisors represented Madison Marquette in the off-market transaction. The seller, Allegra Holding, was advised by EXAN.
Source: Connect Florida