Coconut Grove Mixed-Use Property Fetches $232 PSF

Oct 07, 2018 No Comments by

Cushman & Wakefield has negotiated the sale of 3138 Commodore Plaza, a 31,000-square-foot, mixed-use building in Miami’s Coconut Grove neighborhood.

The Cushman & Wakefield Capital Markets team of Miguel AlcivarDominic MontazemiScott O’DonnellGreg Miller and Jason Hochman negotiated the sale on behalf of an affiliate of Hollywood, FL-based MG|3 Developer Group. A partnership comprising Terra and Banyan Street Capital acquired the asset for $7.2 million, or $232 per square foot.

3138 Commodore Plaza was developed in 1986 as a multi-tenant commercial property. The four-story building sits on a prime ±0.34-acre infill site with 75 feet of frontage along trendy Commodore Plaza. The unique boutique property offers ground-floor retail space, three floors of office space and coveted on-site structured parking.

Vacant at the time of sale, 3138 Commodore Plaza most recently housed the Academy of Arts and Minds charter school. The property, which is adjacent to the Coconut Grove Playhouse redevelopment site, now represents a prime redevelopment opportunity in the high barrier-to-entry Coconut Grove neighborhood.

 

“This asset offered investors a generational opportunity to acquire an architecturally distinctive commercial building with redevelopment potential in Miami’s world famous Coconut Grove neighborhood,” said Alcivar. “The existing structure and flexible underlying T5-O zoning allow for a range of adaptive reuses or redevelopments including creative office, retail, residential, and hospitality.”

 

 

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Industry News, Miami-Dade County Office, Miami-Dade County Retail, NA, Office, Retail
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