The Real Deal Miami

Building near Design District fetches $10M

Buyer to reposition Miami property by switching first two floors to retail
October 27, 2014 12:00PM

3415 Northeast Second Avenue (inset: Fabio Faerman)

3415 Northeast Second Avenue (inset: Fabio Faerman)

A Miami office building located one block from the Midtown and Design District neighborhoods changed hands for $10 million.

The buyer plans to reposition the 52,499-square-foot office building with retail space on the first and second floors, according to Monday’s written statement from FA Commercial, which represented both sides in the deal. The rest of the 3415 Northeast Second Avenue building would still have office space. The property was 40 percent occupied at closing.

FA Commercial declined to disclose the buyer in its announcement. Miami-Dade County has not recorded the transaction.

The seller, Miami Beach-based A.A. Holdings LLC, paid about $4.4 million for the 1.1-acre site in July 2002.

FA Commercial’s Fabio Faerman arranged the transaction. — Eric Kalis