A New York investment firm paid $7.7 million for the Bank of America building in Miami’s Allapattah neighborhood, its second acquisition in the emerging corridor north of downtown in the past year.
Edenderry Properties bought the 68,174-square-foot building at 1313 NW 36th St. from executives tied to Golden Sands Development Corp. of Miami. The six-story property, which has a mix of retail and office tenants, is located in an opportunity zone, which is a federal program that gives tax breaks to buyers who invest in distressed areas.
Allapattah, the Seminole word for alligator, is attracting investors as Miami’s urban core gets built out. The Wynwood arts district, Edgewater and Little Haiti are other Miami corridors on the outskirts of downtown in various stages of renewal.
Allapattah offers better value compared to more established neighborhoods, according to Miguel Alcivar of Cushman & Wakefield, which represented the seller in the deal. He said in a statement the area is drawing investors "looking to stake their claim early."
Even though Edenderry now controls nearly two city blocks in Allapattah, the firm has no immediate plans to develop the sites, the buyer's broker Scott Sime of Sime Realty Corp. explained. Last year, Edenderry paid $6 million for a 33,339-square-foot warehouse at 1251 NW 36th St. that’s just east of the Bank of America building.
"It's not like they're going to town with some big, huge development," Sime said in an interview. "It's a long-term hold."
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