Retail and office space at Quantum on the Bay trades hands

Miami /
Sep.September 10, 2015 04:30 PM

Ground level and second-floor retail and office space at the Quantum on the Bay project in Miami has just sold for $5.35 million, The Real Deal has learned.

Commercial condominium units 1A, 1B, 206 & 207, totaling 6,902 square feet, were purchased by DVC Miami LLC – Dennis Cieri of Eden Property Company, a New Jersey-based investment and development firm.

The RelatedISG Commercial Division, led by Dirk Saecker, told TRD that it negotiated the deal directly with the seller. Agent Yana Ernafasov of RelatedISG brought the buyer, which purchased the units in a 1031 Exchange.

The units include a barber shop, a dentist’s office and additional office suites. The sale also include 55 storage units and 19 parking space, Saecker told TRD. Rents are triple-net in the $40s, and the tenants will remain as part of the deal, he said.

The units were listed for $6.35 million, according to a property listing.

Saecker declined to name the seller, but public records show the seller as Quantum Bayview LLC, controlled by Nicolas Brocherie, according to public records. He had purchased the four units in June 2011 for $1 million from Terra Group, the developer of the condominium towers, Miami-Dade property records show.

Brocherie is an investor and developer who completed the three-story 350 Meridian boutique condominium project in South Beach with Victor Uzan. Units began closing this summer.

Last year, three homeowners associations at Quantum on the Bay sued a company tied to Terra Group, claiming the developer cut corners during construction of the Miami condo project. The associations accused the Terra company and seven other defendants of 17 counts of negligence, professional negligence, breach of common-law implied warranties and building code violations. According to the Miami-Dade Circuit Court lawsuits, defects at the 698-unit development ranged from jammed doorknobs to crumbling stucco. The purpose of the litigation was to get Terra and the co-defendants to cover the cost of repairs.


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

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

Loading...