Updated 9 a.m., Aug. 16: A Miami-based investment and management company paid $9.8 million for a low-rise office building and parking lots in downtown South Miami.
Records show Market Street Real Estate Partners, based nearby on Red Road, bought the building at 5901 Southwest 74th Street and the lot at 5900 Southwest 74th Street.
The properties total 45,963 square feet of land and a three-story, 34,251-square-foot building. The seller is an LLC managed by Vivian Dimond, broker and owner of Avatar Real Estate Services. 5901 South Miami LLC paid $7 million in 2007 for both properties. Dimond signed the deed transfer of ownership.
The firm financed this deal with an $8.7 million mortgage from RCC Real Estate Inc. Allan Serviansky, a partner at Market Street, signed the mortgage. Saad Hamdan, broker-associate at Avatar, represented both the buyer and seller.
Market Street is also gutting and redeveloping the office building at 7800 Red Road, a slightly larger, 57,500-square-foot property, according to its website.
Commercial activity in downtown South Miami is growing. Just last week, the site of Fox’s Lounge hit the market asking $7.5 million. Fox’s, within walking distance of Market Street’s new acquisition, is surrounded by new development, including Greenstreet Real Estate Partners’ new retail and restaurant project at 5958 South Dixie Highway.