Florida East Coast Realty announced that they have acquired 1101 Brickell, a two-tower office complex on four acres in Miami's financial district, for an undisclosed sum.
The company also said the sale was closed without third-party financing.
FECR said it planned to invest about $12 million to renovate the property, in what is likely a bid to boost the project's current occupancy rate of 65%.
The seller was Africa-Israel Properties, a company owned by Lev Leviev of the now defunct developer Leviev Boymelgreen.
The property located at 1101 Brickell Avenue consists of two buildings, one 11-story tower and one 19-story tower, totaling 488,449 square feet.
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Contributed by MLR Realty
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