Ground Floor Retail Space At Miami Condo Fetches $966 PSF In Off-Market Deal

Oct 04, 2018 1 Comment by

The coveted ground floor retail space located at X Miami, a new condominium development on Biscayne Boulevard, was just sold for $6.3 million, or $966 per square foot, in an exclusive off-market deal, according to a release.

Fabio Faerman, CCIM of FA Commercial Advisors – a commercial division of Fortune International Realty – was an integral catalyst of the deal, representing both the buyer and seller. A NNN investment group purchased the retail condominium spaces from a Miami-based investment firm, which acquired the subject property during pre-construction last year.

The retail spaces encompass 6,520 square feet of interior space and a 1,752 square foot terrace facing Miami-Dade College Wolfson Campus and Vizcayne Development. Lease contracts average $65 per square foot with tenants already secured by the seller including:

• Caffé Fiorino

• Inari Sushi

• GoGo Fresh

• Oxxo Care Cleaners

• A new concept of a casual and quick pizzeria brought by the owner of Stanzione 87

 

We successfully aligned both buyer and seller investment criteria by utilizing specific investment strategies for each side” – says Faerman.

The new tenants are expected to begin operation later this year.

X Miami, located at 230 NE 4th St. by downtown Miami, was developed by PMG. The tower features 32 stories, 464 luxurious apartment units, a hotel like public lobby, expansive pool deck, modern fitness facilities, club lounge, an impressive sky dog park, and a co-working space. The developer also announced that 4 floors will be going to The Guild Hotels, which will have 64 units on the tower and will offer virtual Check-In and Check-Out providing a seamless experience for its customers and adding value to the new X Miami Tower.

 

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

 

Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Industry News, Miami-Dade County Multifamily, Miami-Dade County Retail, Multifamily, NA, Retail

One Response to “Ground Floor Retail Space At Miami Condo Fetches $966 PSF In Off-Market Deal”

  1. Rolando says:

    Pocket Deals are not always the best deals.
    Wow! Someone over paid.
    Great pay day for the Broker though !

    Rolando Alvarez, CCIM
    CBC NRT

Leave a Reply