Local Investor Buys Biscayne Boulevard Office for $39M
By Julia Echikson March 29, 2023 10:52 amreprints
The owner of a Miami Lakes car dealer paid $39 million for an office building along Biscayne Boulevard, according to CBRE (CBRE), which brokered the sale.
The property, dubbed Biscayne Centre, features an eight-story building with ground-floor retail and an attached multilevel parking garage. Located at 11900 Biscayne Boulevard, the property sits on 2.7 acres in North Miami, just south of Northeast 123rd Street, which leads to the Bay Harbor Islands.
The seller, Ami Shashoua, acquired the building, constructed in 1986, through multiple sales since the property was operated as an office condominium. Shashoua is the founder and CEO of Qpay, which was previously based at the Biscayne Centre. The company vacated the property last year after Shashoua sold the firm.
Now the 156,446-square-foot office is 81 percent leased, per CBRE, whose Benjamin Silver and Charlie Manuel arranged the sale. The property hit the market in December, asking $45 million, according to The Real Deal.
The buyer, Ali Ahmed, is a private investor who owns and runs the Miami Lakes Automall.
“We felt the best buyer would be someone who understood the local market dynamics and recognized the opportunity the property offered as a value-add play in an undervalued market,” Silver said in a statement.
Julia Echikson can be reached at firstname.lastname@example.org.