Investors just paid $10.2 million for Citi Centre, a 46,324-square-foot office building at 290 N.W. 165th Street in North Miami Beach. The four-story, multi-tenant property sits directly across from Jackson North Medical Center and just off the Golden Glades interchange, giving tenants quick access to I-95 and the Florida Turnpike. Brokerage Marcus & Millichap handled the transaction and pitched the building as a classic value-add play.
Marcus & Millichap announced the sale, and the South Florida Business Journal reported that Alex Zylberglait of the firm’s Miami office represented the seller and also procured the buyer, described as a local private operator. Marketing materials from the brokerage state that the seller was a private overseas group and that the buyer’s name has not been publicly released.
Deal details
The property spans roughly 1.54 acres and is divided into 26 suites. Originally built in 1986, Citi Centre received a renovation in 2022. Brokers marketed it as a medical-adjacent office asset with ample surface parking and 24-hour access, aimed at investors seeking both stable in-place cash flow and upside through lease-up and light capital improvements. Those specifications line up with the advertising and listing for the building on LoopNet.
Location and investor outlook
Brokers point to Citi Centre’s visibility from major highways and its position across from Jackson North Medical Center as key selling points for medical and professional tenants. “This is a strategically located asset right at the Golden Glades Interchange with significant value-add potential in occupancy and rents,” Alex Zylberglait said in marketing materials, according to industry coverage. That combination of hospital adjacency and highway exposure was highlighted as a core reason buyers were willing to pay for the building’s future upside rather than just its current income stream.
Market context
The deal lands at a time when Miami’s office market has tightened and rents have climbed, trends that have pushed investors to look harder at suburban and medical-adjacent product. Cushman & Wakefield reports in its Q4 2025 MarketBeat that overall office vacancy sits near 15.2% with average asking rents around $64.48 per square foot, while industry coverage has noted a pickup in leasing activity during 2025. Those fundamentals help explain why smaller, well-located suburban office buildings like Citi Centre are still drawing buyers.
Local brokers expect the new owner to focus on leasing vacant suites and tackling modest capital improvements to drive rents higher. For tenants and neighbors, that likely translates into refreshed common areas and more active outreach to medical and professional users as the owner works to capture demand generated by Jackson North and the surrounding corridor.
