Pebb buys office building for over $70M as Miami Beach strives to shed party-town image
Pebb Capital acquires Miami Beach office building for $70M as South Beach transforms into serious commercial market.
Pebb Capital bought the Uno South Pointe office building in Miami Beach for over $70 million, The Real Deal has learned. The deal is another sign that investors and developers are banking on South Beach’s metamorphosis as a serious office market. Boca Raton-based Pebb Capital, through an affiliate, bought the building at 119 Washington Avenue, borrowing $69 million for the deal from AOC II Mortgage, which ties to New York-based ACORE Capital, according to records. The exact value of the purchase is unknown, as no deed was recorded. Pebb Capital didn’t immediately return a request for comment. The firm is […] This article originally appeared on The Real Deal. Click here to read the full story.
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