The Real Deal Miami

Development site west of Brickell sells sixfold

Property, west of I-95, last sold for $1.2M in 2011

August 04, 2015 11:15AM
By Katherine Kallergis

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Development site near Brickell and Little Havana

Development site near Brickell and Little Havana.

A 0.72-acre assemblage west of the Brickell Financial District and near Miami’s Little Havana neighborhood has sold to a group of Miami developers for $7.93 million, or about $253 per square foot.

Key Biscayne-based London Real Estate Company sold the three properties at 420 Southwest Seventh Street and around the corner at 427 Southwest Eighth Street. All three parcels, which are west of I-95, last sold for $1.2 million in March 2011, according to Miami-Dade County property records.

The buyer is Megacenter Brickell LLC, a company that lists Pablo Wichmann and Patricio Ureta as managers. Wichmann is a partner at Megacenter Business Parks, according to LinkedIn; Ureta purchased and developed properties in Brickell and Edgewater.

On the north side of the block, Megacenter acquired two adjacent lots, including the northeast corner of Southwest Seventh Street and Southwest Fourth Avenue, which together span 17,366 square feet. Around the corner, the LLC acquired a 14,000-square-foot lot at 427 Southwest Eighth Street.

Sunshine Dade Investments owns the two adjacent parcels, which total 18,865 square feet. The LLC is tied to Sunshine Gasoline Distributors in Doral.

The development site is less than 2.5 miles east of Astor Group’s InTown condominium development, and blocks away from Swire Properties’ Brickell City Centre.

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