Seller Market Street Real Estate Partners’ loan on the property was set to mature next month.
By Lidia Dinkova
01.7.25
Valoro Capital's Alberto Chocron and Francisco Cantor; 1680 Meridian Avenue (Getty, Valoro Capital, Alberto Montesinos)
Valoro Capital bought an office building in Miami Beach for $22.7 million, marking a slight discount off its purchase price a decade ago.
The deal comes at a contradictory time for South Florida’s office market following a pandemic leasing boom, as landlords feel the sting of elevated interest rates and higher expenses.
Brickell-based Valoro Capital purchased the property at 1680 Meridian Avenue, according to the buyer’s news release. The seller is South Miami-based Market Street Real Estate Partners, records show.
Douglas Mandel was part of the Marcus & Millichap team that represented the seller and buyer.
The six-story Meridian Center, off Lincoln Road, consists of 48,200 square feet of offices and 6,700 square feet of ground-floor retail, according to records and Valoro managing partner Francisco Cantor. Cantor leads the firm with managing partner Alberto Chocron.
Meridian Center is 86 percent leased, Cantor said. Tenants include Harry’s Pizzeria and Keller Williams.
The deal marks Valoro’s first South Florida investment since its $18 million purchase in 2022 of the nine-story office building at 5040 Northwest Seventh Street in Miami.
South Miami-based Market Street Retail Partners had paid $23 million for Meridian Center in 2015, records show, meaning the recent sale was at a 1.3 percent discount. Market Street is led by Robert Oppenheim, Allan Serviansky and Daniel Warman.
The buyer and seller declined to comment on why Meridian Center sold for less than its 2015 price.
Records show that Market Street had a loan on the property maturing next month, Market Street took out a $17.5 million loan on the building in 2015 from RCC Real Estate (now called Acres Capital), refinancing it in 2022 with Ladder Capital and bumping it to $22 million, according to records. The loan had a floating interest rate.
Market Street had a cap on the interest rate, which investors can purchase to hedge against rising rates, and had paid down the balance to about $19.9 million, according to a source.