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The property formerly housed the offices of the Miami Herald. Image courtesy of Avison Young
SmartCity Miami, an investment group led by Miami-based Terra, is acquiring a mixed-use property in downtown Miami from Genting Group for $1.23 billion. The deal is expected to close before the end of the year.
The 15.5-acre development known as BayCity Miami, which formerly housed the headquarters of the Miami Herald, is located on Biscayne Bay in downtown Miami. Situated midway between Miami Beach and Miami International Airport, the site is the largest undeveloped waterfront property in the city’s urban core and encompasses more than 800 feet of direct frontage along Biscayne Bay.
The Avison Young team that represented Genting Group comprised Michael Fay, John Crotty, David Duckworth and Brian de la Fé brokered the transaction on behalf of Genting Group. Suzanne Amaducci led a team at law firm Bilzin Sumberg representing the seller. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Law Group represented SmartCity Miami.
There were nine offers on the property from prospective buyers, five of which exceeded $1 billion. Genting is retaining ownership of what it called a “significant” portion of land adjacent to the project.
In the office sector, Miami leads other southern markets in terms of sales activity, CommercialEdge’s national office report shows. In the first two months of the year, deals in the metro totaled $332 million, with assets being traded at an average rate of $556 per square foot.
The Brookdale Group recently acquired Cornerstone Corporate Center I, a 170,172-square-foot, Class A office building in Plantation, Fla., for $37.9 million, while Atlantic Coast Automotive Inc. affiliate Biscayne Real Estate Holdings LLC acquired Biscayne Centre, a 156,446-square-foot office building in North Miami, Fla., for $39 million.
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