Latin American buyers pick up West Grove site for 10x last sale price

Miami /
Apr.April 15, 2015 05:15 PM

A redevelopment site in Coconut Grove recently sold for $2 million, The Real Deal has learned.

Matthew Martinez of Beacon Hill Property Group brokered the deal for the 10,502-square-foot commercial property at 3386 Douglas Road in the West Grove.

A group of Latin American buyers purchased the 7,690-square-foot building, which is completely leased on a month-to-month basis, Martinez told TRD. It was built in 1939 and was recently renovated.

“Plans for development are unknown at this time,” he said. “The highest and best use is likely mixed-use residential, lofts or condos, or office with a retail component on the ground floor.”

A Coconut Grove-based LLC headed by Anthony R. Parish, Jr. sold the property. The company paid $187,000 for the property in 2004, according to Miami-Dade County property records, marking a more than ten times increase to this week’s sale.

The sale marks another sign of a strengthening market in Coconut Grove.

On the residential side, Terra Group’s Grove at Grand Bay and Terra and Related’s Park Grove are both under construction in the east section of Coconut Grove. And Arquitectonica redesigned the newly renovated Engle Building at the northwest corner of Main Highway and McFarlane Road, which has attracted and signed well-known local tenants such as Büro Group, Harry’s Pizzeria, Panther Coffee and Clyde Butcher gallery.


Related Articles

arrow_forward_ios
2550 South Bayshore Drive, Coconut Grove (JLL)
Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove
Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
Stephanie & André Dua with 3829 Stewart Avenue, Miami. (LinkedIn via Stephanie Dua, Mckinsey & Company, Lifestyle Production Group for ONE Sotheby’s International Realty)
Ceres Global Advisory founder sells Coconut Grove home
Ceres Global Advisory founder sells Coconut Grove home
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)
Bankruptcy judge paves way for Metronomic property auction
Bankruptcy judge paves way for Metronomic property auction
3608 Stewart Ave, Miami (Redfin)
Entity tied to private equity firm buys Coconut Grove spec home for $5M
Entity tied to private equity firm buys Coconut Grove spec home for $5M
3187 Royal Road, Coconut Grove (Realtor)
Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Matthew B. Gorson and One Park Grove (Google Maps)
Greenberg Traurig chairman pays $7M for One Park Grove condo
Greenberg Traurig chairman pays $7M for One Park Grove condo
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...