The Real Deal Miami

Avra Jain and Terra sell Edgewater building for $18.75M

Building sold to New York investors Mack Real Estate Group

April 24, 2015 12:45PM

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David Martin of Terra Group and 3550 Biscayne Boulevard

David Martin of Terra Group and 3550 Biscayne Boulevard

Developers Avra Jain and Terra Group doubled their money on an office building they bought as partners in 2012.

The two purchased the property for $7.8 million under Terra Skylar 3550 Investments, a publication reported.

Three years later, they have sold the building at 3550 Biscayne Boulevard to an affiliate of the New York-based Mack Real Estate Group.

The group also picked up a nearby property in Miami’s Design District last year, but have been tight-lipped about their plans in South Florida.

Terra Group bought the office building because of its location in the urban core, but has shifted its focus to neighborhoods like Coconut Grove, Miami Beach and Doral, according to a statement from the company.

The office building, built in 1972, is seven stories tall and has 106,801 square feet. It sits on a nearly 0.75-acre lot and comes with a 15,617-square-foot parking lot across the street to the south.

Another company, Terra Skylar 3557 Investments, owns an 18,513-square-foot vacant lot at 3557 Northeast Second Avenue. That property is attached to the office building’s parking lot on its west side. [South Florida Business Journal] — Sean Stewart-Muniz