The Real Deal Miami

Brickell mixed-use complex sells for $7.5M

By Alexander Britell | January 04, 2012 05:47PM

The property on South Miami Avenue

A combination of five retail stores and one office space on a lot on South Miami Avenue in Brickell have sold for $7.5 million to a New York-based company, according to broker Fabio Faerman, director of Miami-based Fortune’s commercial division.

The buyer of the complex, whose name was not disclosed, plans to maintain the site as is, before eventually redeveloping it.

It has already signed tenants to fill the two empty retail spaces Crepes & Waffles, a Colombian chain, and an unnamed organic Chinese restaurant, Faerman said.

The deal includes five retail spaces and one office space in a 6,000-square-foot building, as part of a 17,500-square-foot lot, according to LoopNet.

“They will stay with the property as is until they think is the best moment to begin construction,” Faerman said. “That is a very, very good price in the Brickell market for this piece of land.”

The properties are located at 1036 & 1040 South Miami Avenue and 21 SW 11th Street.

Retail tenants at the site include Grano Bakery and restaurant Rosinella.

The buyer is looking to negotiate short-term deals to retain the tenants currently at the property, said Faerman, who represented both sides in the transaction.

The deal took about a year to complete, he said. The property was originally listed for $8.5 million.

One idea being considered is to eventually build a boutique hotel of between 75 and 130 rooms at the site, according to Faerman.

The buyer owns another property in Brickell, which has seen its retail corridor along South Miami Avenue grow considerably in the last few years.