The Real Deal Miami

Terra Group buys Biscayne Boulevard property for $7.8 million

October 09, 2012 04:30PM

3550 Biscayne Boulevard

Two parcels at the eastern entry of Midtown Miami, including an office building have traded to a Terra Group partnership for $7.8 million, according to public records spotted by the South Florida Business Journal.

The Terra partnership, operating as Terra Skylar 3550 Investments, received a $5 million loan from City National for the purchase. The group includes  Avra Jain and Joseph Del Vecchio as members, who plan to renovate the existing office building and possibly redevelop the property into a mixed-use development.

The office building, which is located at 3550 Biscayne Boulevard, was sold by Flex Enterprise, which includes Charles Fleck and Brenda Stewart as directors. [SFBJ]Christopher Cameron