The Real Deal Miami

Latin American buyers pick up West Grove site for 10x last sale price

7,690 sf building is completely leased

April 15, 2015 05:15PM
By Katherine Kallergis

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West Grove site

This West Grove site sold for $2 million.

A redevelopment site in Coconut Grove recently sold for $2 million, The Real Deal has learned.

Matthew Martinez of Beacon Hill Property Group brokered the deal for the 10,502-square-foot commercial property at 3386 Douglas Road in the West Grove.

A group of Latin American buyers purchased the 7,690-square-foot building, which is completely leased on a month-to-month basis, Martinez told TRD. It was built in 1939 and was recently renovated.

“Plans for development are unknown at this time,” he said. “The highest and best use is likely mixed-use residential, lofts or condos, or office with a retail component on the ground floor.”

A Coconut Grove-based LLC headed by Anthony R. Parish, Jr. sold the property. The company paid $187,000 for the property in 2004, according to Miami-Dade County property records, marking a more than ten times increase to this week’s sale.

The sale marks another sign of a strengthening market in Coconut Grove.

On the residential side, Terra Group’s Grove at Grand Bay and Terra and Related’s Park Grove are both under construction in the east section of Coconut Grove. And Arquitectonica redesigned the newly renovated Engle Building at the northwest corner of Main Highway and McFarlane Road, which has attracted and signed well-known local tenants such as Büro Group, Harry’s Pizzeria, Panther Coffee and Clyde Butcher gallery.