Miami, FL – September 29, 2015 – CBRE has been engaged to market Bay Point Center, a 42,479-square-foot, mixed-use boutique building in the heart of one of the trendiest neighborhoods in Miami, Florida. The four-story property at 3915 Biscayne Boulevard is located at the convergence of the Design District, Midtown Miami, the Upper East Side and Edgewater.
“This iconic property represents an attractive generational opportunity to acquire a stabilized trophy asset with tremendous upside potential through rent growth and future higher density redevelopment,” said CBRE’s Miguel Alcivar. “The meteoric rise in rental rates from transformative projects nearby, such as in the Design District, and flurry of development activity from virtually every direction favorably position the investment for substantial future upside.”
The building is 100% occupied with strong in-place cash flows and credit tenancy, but if redeveloped, current zoning would allow for 124 units and 204,372 square feet of gross building area. Current ownership, Chilean developer G&L Real Estate Development LLC, is breaking ground imminently on a 38-unit luxury townhome project on a 1.61-acre site immediately to the east, which was purchased together with the Bay Point Center Property in 2008.
“While implementing a complete modernization of the Bay Point Property and subsequently leasing it to 100% occupancy, we obtained entitlements for a luxury townhome project. The new project, ‘One Bay’ Design District Residences, will embody modern, sophisticated city living at its best,” said Francisco Tagle of G&L Real Estate Development, LLC.”
Beautifully appointed and meticulously maintained, Bay Point Center is prominently located along Biscayne Boulevard at the gateway to the Design District, and visible to roughly 130,000 vehicles per day from I-195. The distinctive architectural design is representative of the Miami Modern (MiMo) architecture that flourished in South Florida from 1945 until the late 1960s, and offers its next owner the prestige of a landmark building with identity and exposure along the highly traveled Biscayne Corridor.
CBRE’s Gerard Yetming, Scott O’Donnell, Dominic Montazemi, and Greg Miller, together with Jason Hochman of CBRE Debt & Structured Finance, are collaborating with Mr. Alcivar in marketing the property.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About G&L Real Estate Development LLC
G&L is the American division of Empresas Guzmán & Larraín. With a diversified presence throughout Chile, Argentina, Spain, Italy and South Florida, Empresas Guzmán & Larraín have developed and sold more than 40,000 residences. There are presently 19 projects on the market in Chile and seven abroad; located in 13 cities within five different countries. Empresas Guzmán & Larraín boast a portfolio of properties in excess of 560 acres in Chile, available for development in the next 10 years.