The Real Estate Dealio: Downtown Historic Post Office Trades for $11 Million

Developer Daniel Pena-Giraldi of Stambul Ventures purchased the 34,455 square foot historic building, located at 100 NE 1st Ave. in Downtown Miami from Old Post Office LLC, a joint venture formed by Scott Robins and Tom Morgan.  Robins’ group purchased the property about a decade ago, with plans to convert it to condos.

Pena-Giraldi plans to renovate the Old Post Office to it past grandeur.  The building traded for $11 million or $310.25 per sq ft.

The American Institute of Architects’ Miami Center for Architecture and Design occupies approximately 5,500 square feet in the building, in a deal that closed in July of 2012. AIA Miami, which uses the space for meeting space and educational programs regarding architecture and design, has similar centers in other major cities. The space also houses permanent and curated exhibits.

The building is believed to have been built around 1912. It is listed on the National Register of Historic Places and was once touted as the most modern federal facility south of Washington, D.C.

According to a historical plaque outside the building, the weather service’s wind gauges were blown away in the great hurricane of 1926. The federal offices were later vacated and the building was for a while the home of AmeriFirst, once a leading local financial institution. A later tenant, in the 1990s, was Office Depot.

The sale also includes a 15,000 square foot vacant lot adjacent to the building.

Mika Mattingly of Sterling Equity Realty Commercial represented the Buyer in the purchase

Tony Arellano of Metro 1 Commercial represented the Seller in the sale.

The sale represents the third historic building sold in Downtown Miami this year by Mattingly, who specializes in properties within Miami’s urban core.  In January, Mattingly was instrumental in the sale of 218-222 N Miami Ave., which traded for $227 per square foot as well as the sale of 31 N Miami Ave., which sold for $163 per square foot.

In 2012, Pena-Giraldi purchased the former Miami National Bank building at 121 SE First St., an historic Beaux Arts edifice downtown, and repositioned the property as a new boutique hotel, the Langford.