The Real Deal Miami

Retail space at 1100 Millecento sells for $10.5M

Tenants of recently completed development include Freddo Gelateria and Prime Cigar

April 10, 2015 03:45PM
By Katherine Kallergis

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1100 Millecento

Rendering of 1100 Millecento at 1100 South Miami Avenue

Retail space at 1100 Millecento in Brickell sold for $10.5 million, The Real Deal has learned.

A group of South American investors purchased 17,500 square feet of ground floor and mezzanine retail, Fabio Faerman of FA Commercial Advisors told TRD. Faerman brokered the deal.

Future tenants include: Freddo Gelateria, which has a location on Lincoln Road; Pizza Tonda, Prime Cigar and Level 1 Restaurant & Lounge. The price per square foot for the sale comes out to $650 per square foot.

Faerman said the buyers will invest about $11 million in the space’s buildout. The 10-year leases will total $14 million, he said. 

The 42-story tower has 382 units and was completed in January. The tower was originally scheduled to begin construction during the last cycle. Related Group is the developer. 1100 Millecento is located near the future site of the 1.05-billion mixed-use Brickell City Centre, developed by Swire Properties.