Market Street Real Estate Partners buys South Miami building, lots: $10M

Miami /
Aug.August 15, 2016 09:50 AM

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.


Related Articles

arrow_forward_ios
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Moishe Mana and one of the properties that's located on Flagler Street. (Getty, Google Maps)
Moishe Mana expands downtown Miami assemblage with $27M purchase
Moishe Mana expands downtown Miami assemblage with $27M purchase
One Thousand Museum with developer Louis Birdman (Getty, One Thousand Museum)
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Abraham Edgardo Ortega is one of nine people charged in the laundering scheme. (Getty, Department of Justice)
Former Venezuelan oil exec sentenced in $1B money laundering scheme
Former Venezuelan oil exec sentenced in $1B money laundering scheme
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
East End Capital’s Jonathon Yormak, BentallGreenOak’s Sonny Kalsi and 100 Biscayne Boulevard. (East End Capital, BentallGreenOak)
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
6303 and 6505 Blue Lagoon Drive with RealOp Investments CEO Reggie Bell (Google Maps, LinkedIn)
RealOp Investments buys Waterford office complex for $110M
RealOp Investments buys Waterford office complex for $110M
arrow_forward_ios

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

Loading...