Lionstone roars into Miami Gardens with $17M office building acquisition

Lionstone Development leapt into the South Florida office feeding frenzy with a $16.8 million acquisition in Miami Gardens.

An affiliate of the Bal Harbour-based real estate investment firm acquired Commons Plaza,

a newly renovated, three-story office building at 5901 Miami Gardens Drive, according to records.

Lionstone, led by CEO Diego Lowenstein, paid $297 per square foot for the building.

The seller, an entity managed by Norberto Roman of Miami, sold the nearly 3-acre property for $12 million above its $4.8 million purchase in 2019, records show.

The 56,601-square-foot building was completed in 2008.

Alex Zylberglait with Marcus & Millichap represented the seller and the buyer.

The deal did not include two out of 144 office units in Commons Plaza.

And the building is 99 percent occupied by a mix of professional tenants, the release states.

Commons Plaza also has a wait list of prospective tenants,

reflecting strong demand for spaces in small and suburban office buildings, Zylberglait said in a statement.

South Florida is experiencing a flurry of office trades recently.

This month, MHCommercial Real Estate Fund II and an unidentified partner paid $45.9 million for the Yamato Office Center,

a two-building complex in Boca Raton.

In April, Valoro Capital picked up an office building in Miami’s Blue Lagoon neighborhood for $18 million.

And Miami attorney Alex Hanna and his wife, Lizet Hanna, acquired an office building on Miami’s Flagler Street for $15 million.

The same month, Boca Raton-based CS Ventures paid $35 million for a pair of office buildings along Bankers Row in Palm Beach.

And in Miami Beach, an entity tied to Boston-based The Davis Companies bought a four-story Class A office building for $52.3 million.

In Miami-Dade and Palm Beach counties, rents and tenant demand tracked upward in the first quarter, according to a JLL report.

The average asking rent in Miami-Dade hit $48.66 a square foot, representing a 10.2 percent jump compared to the same period last year.

The county had a vacancy rate of 18.8 percent in the most recent quarter.

Average asking rents in Palm Beach County climbed 26.5 percent, year-over-year, to $53.47 a square foot, JLL found.

The vacancy rate was 13.5 percent in the most recent quarter.

Lionstone roars into Miami Gardens with $17M office building acquisition

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