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.