Madison Marquette acquires 135,000 square feet of office in Miami, FL

MIAMI, FL, January 21, 2020 – Madison Marquette, a leading private full-service real estate provider, investment manager, developer and operator has acquired two office buildings in Miami, FL on behalf of a discretionary institutional commercial real estate fund (the “Fund”) from a seasoned Spanish investor, represented in the United States by EXAN Capital. The buildings, Bayview Executive Plaza located at 3225 Aviation Avenue, and Continental Plaza located at 3250 Mary Street, herein referred to as the “Coconut Grove Portfolio”, represent over 135,000 square feet of premium office space in the supply-constrained Coconut Grove submarket. This is the first acquisition in Miami for the Fund, which was formed in 2012 to acquire and reposition office properties throughout the United States.

3225 Aviation Avenue. Source: Costar.

3250 Mary Street. Source: Costar.

Axiom Capital Advisors’ Founder Roberto Susi and Principal Jose Sasson represented Madison Marquette in the off-market transaction. Susi and Sasson said the deal was largely driven by the healthy office dynamics in Miami, which is seeing positive net absorption, falling vacancy rates and corresponding increases in rental rates. The sale of the assets on behalf of the Spanish investor was accomplished in connection with a global strategy of disposing office assets in order to expand said investor’s industrial portfolio. The two buildings were a combined 90% leased at the time of sale.

Madison Marquette will provide investmers’ Founder Robent, asset and project management services to complete an enhanced repositioning of both office properties. Madison has also retained Exan Management Services, LLC, to oversee the daily property management of the buildings, and Jones Lang LaSalle as leasing agents for the building.

The combination of modernized amenities and historic charm of the properties, speculative suite leasing, walkable retail amenities and executive and workforce housing gives the properties a competitive advantage in the greater Miami market.

Strategic initiatives include upgrading interior and exterior common areas at both properties, incorporating a speculative suite program for the remaining vacancy, and adding a management and conference facility to Continental Plaza.

“The acquisition of the Coconut Grove Portfolio presents Madison Marquette with a unique opportunity to own and operate two quality office buildings with significant upside potential in a market with single digit vacancy,” said Mike Falvey, Director at Madison Marquette. “The influx of capital and development of both residential and retail in Coconut Grove was a large factor in Madison trying to acquire these boutique office assets. That said, the off-market nature of this acquisition was only made possible by the tireless effort of Axiom Capital Advisors and the EXAN Capital team, and we look forward to working with both groups in the New Year.”

 

ABOUT MADISON MARQUETTE

Madison Marquette is a leading private real estate investment manager, service provider, developer and operator headquartered in Washington, D.C. As a full-service real estate provider, the company delivers integrated investment, development, leasing and management services to a diverse portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6 billion. The company partners with global, institutional and private investors to provide industry-leading investment and advisory services across asset classes — including mixed-use, retail, office, medical, industrial, senior living and multi-family. Following its 2019 merger with the Boston-based Roseview Group, Madison Marquette added capital markets, investment banking and corporate advisory services to its integrated capabilities. Founded in 1992, the company built its reputation on the successful development, repositioning and redevelopment of landmark mixed-use assets, and now leverages that performance legacy to provide clients with exceptional asset services and investment advice. Madison Marquette has over 620 professionals providing nationwide service from 14 regional markets and is a member of the Capital Guidance group of companies. For additional information, visit www.madisonmarquette.com.

ABOUT EXAN CAPITAL

EXAN Capital is a Real Estate Investment Firm with an exclusive focus on commercial properties. Its multiple capital sources stem from private and institutional relations throughout Latin America and Europe. Since 2014 EXAN has invested over $2.4 billion, through different capital sources, in New York, Florida, Texas, Massachusetts, Illinois, Washington D.C, and Virginia. Furthermore, EXAN currently has $1.7 billion in Assets under Management (AUM) with over 3.9 million square feet of net rentable area. For additional information, visit www.exancapital.com

ABOUT AXIOM CAPITAL ADVISORS

Axiom Capital Advisors is a full service commercial real estate brokerage firm providing advisory services such as landlord and tenant representation as well as acquisition and consulting services. The focus of the firm is centered on maximizing the value of a real estate asset.  Whether serving in the capacity of broker, advisor, manager, owner or developer, the firm’s over forty five years of combined experience help leverage and combine knowledge, expertise and relationships for the benefit of the firm’s clients and projects. Axiom has carved a niche in creating “off-market” opportunities which have proven invaluable in multiple real estate cycles.

 

CONTACT:  Whitney Williams
Madison Marquette
713.209.5935
whitney.williams@madisonmarquette.com

Madison Marquette and Roseview Finalize Merger. (Read More) Explore Roseview to discover our expanded capabilities. (Click Here)