NAI Miami Arranges Record-Breaking Miami River NNN Investment Sale

The NAI Miami Investment Sales Team of Alejandro Jordan, Enrique Jordan and Jeffrey Troy represented both the buyer and seller in the sale of +/- 6,400 square foot retail portion of the Neo Vertika Condominium with over 220 linear feet of Miami River frontage located at 690 SW 1^st Court in Miami, one block from the new Brickell City Centre development.
The current tenant, American Social, is a privately owned gastro pub with its original location on Las Olas Boulevard in Fort Lauderdale.
The sales price of $4,900,000 equates to $766 per square foot, the highest price achieved for a property of this type on the Miami River, according to a release.
The seller was an affiliate company of Charles Herzka, Principal of NorthEnd Equities, LLC, a commercial real estate firm based out of New York City and long-time client.  The buyer was Moresna, LLC, a Delaware limited liability company.
 

“This transaction is yet another great sign of the resurgence of Miami’s urban core and the Historic Miami River, demonstrating high investor confidence for both buyers and sellers in the Miami Downtown/Brickell area,” says Alejandro Jordan of NAI Miami.

 

“The triple-net lease has 10 years remaining and contains three five-year options with three percent increases each year,” adds Enrique Jordan.  “The asset’s long term, absolute net lease with fixed annual increases in a prime location is a rare find.”

 

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