July 11, 2016
The owners of the courthouse, who are tied to Bijoux Terner, just sold the courthouse at 22 NW First St. for an impressive $22M. Courthouse East is fully leased to the county, which has a center for parking violations bureau and the county’s recorder’s office. Over the last few year, there has been a large investment trend in the Downtown Miami area, and not in the least near Flagler Street, with much of the investing coming from New York.
Standing 4 stories high, and completed in 1924, the Courthouse offers 56,205 Square Feet on a 15,000 Square Foot lot. The property, bought by retailer Bijoux Terner and Rosa Terner among others, was sold in 1987 for $2.6M. Arkadia, the Miami Beach based LLC is excited, and has its hands on a great investment opportunity, according to them. This is the third property acquired on the East Coast and the second in South Florida thus far. The buyer presented an off-market deal with a loan from BAC, and signed a five-year lease with three five-year extension option to continue leasing the property.