Miami property market attracts foreign investors
Miami continues to be a top destination for foreign investors in U.S. property. Ponte Gadea Biscayne, an affiliate of Ponte Gadea Group, has acquired the downtown Miami office tower located at 200 S. Biscayne Blvd. for approximately $517 million. The transaction is believed to be the largest commercial purchase in Miami this year.
The seller was the JPMCB Strategic Property Fund, managed by J.P. Morgan Asset Management – Global Real Assets, which purchased the property in 2008 for approximately $365 million. The core, open-end fund put the two-building asset up for sale in May.
The 1.2 million-square-foot property, also known as Southeast Financial Center, comprises a 55-story tower and a 15-story building. The tower, which is the second-tallest structure in Florida, has ground-floor retail space, a gym and a parking garage. It is approximately 80 percent occupied. Tenants in the property’s retail component include Zest Restaurant and FedEx Office Shi