“Magic City” portfolio trades for $15M

Miami /
Aug.August 07, 2014 12:00 PM

A five-property portfolio in the historic Lemon City district within Miami’s Little Haiti changed hands for $15 million.

The transaction included the 6.5-acre Magic City Trailer Park at 6001 Northeast Second Avenue and a mixed-use building at 6041 Northeast Second Avenue that dates back to 1902, according to Miami-Dade County records. Miami-based Magic City Properties LC is the seller. The county recorded the deal on Wednesday.

Magic City Properties I LLC acquired the portfolio, which also included three vacant properties totaling about one-half of an acre. The company is managed by Robert Zangrillo of Miami Beach. It received a $7.5 million loan from the seller as part of the transaction.

One of the earliest settlements in Miami, Lemon City was discovered around 1870, according to the City of Miami. E.H. Harrington dubbed the neighborhood Lemon City because of the lemon trees that grew on his property. The historic district includes all properties along Northeast Second Avenue between 52nd and 71st streets. — Eric Kalis


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