The iconic Bloom & Kinnear office building at 2486 SW 27th Terrace has sold. Listed for sale with James Hawkins of Keyes Commercial, the property was under contract for more than a year before closing on May 4, 2018 at a sales price of $2 million.
Consisting of 3,045 square feet of premium office property, at sale the handicap accessible building possessed six private offices, a conference room, and a reception area surrounding a generous open secretarial area. It had generally open construction, allowing for easier-than-average reconfiguration for any number of uses, including law offices, medical offices, and more.
The property had been under contract with another buyer. When that (first) buyer asked for an extension of due diligence with no consideration offered, Hawkins suggested that making a portion of a deposit on a (second) backup contract immediately non-refundable upon it becoming the active contract might incent the seller to not provide an extension of due diligence to the first buyer. The second buyer indeed presented a backup offer with this provision. When the due diligence extension was not granted to the first buyer, the first buyer cancelled his contract, at which point the second buyer’s contract became effective. That second buyer closed on the purchase of the property thereafter.
Although the address is on 27th Terrace, the property clearly fronts US 1, with some of the most prominent visibility available on this key strip of road just out of downtown Miami and at the crossroads of desirable areas such as Coconut Grove, Coral Gables, and South Miami. An estimated 110,000 cars pass this location daily, 40 million per year. The location is approximately 1,000 feet from the Coconut Grove Metrorail Station and near the primary entrance to Coconut Grove off of US 1. The property sits on a 10,000 square foot lot zoned T4-O and has 11 parking spaces. Its location benefits from the 27th Terrace angular exit from US 1 for northbound drivers, and from a dedicated exit land for the same for southbound drivers, making the property unusually accessible for the street.
The property was occupied by its now former owner, which vacated upon sale. The buyer intends to renovate the property for his use.
Editor’s Note: James Hawkins is with Hawkins Commercial Realty as of May 2020.