Madison-OFC Brickell FL Acquires Miami Property From Crocker Partners For $117.3M

The property involved in the transaction is the Brickell City Tower, located at 80 SW 8th St, Miami, FL, 33130. This 33-story Class A office building encompasses 291,554 square feet and was sold for $117,300,000. The property is situated in the Miami market and has undergone a $6.4 million renovation, which included upgrades to its lobby, multi-tenant floors, elevator modernization, and the addition of a conference center and tenant lounge.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $117,300,000
• Seller: Crocker Partners
• Buyer: Madison-OFC Brickell FL LLC
• Seller's Representatives: José Lobón, Marcos Minaya, Amy Julian - CBRE
• Year Completed: 1985
• Occupancy Rate: 87 percent
• Renovation Cost: $6.4 million
• Prior Purchase Price: $70 million

The sale was represented by the CBRE Capital Markets team, which included senior vice president José Lobón and vice chairman Christian Lee. The team also featured Amy Julian and Marcos Minaya, who played key roles in facilitating the transaction. The building is in proximity to several restaurants, bars, and transportation options like the Brickell Metrorail station and the downtown Miami Brightline station.