Mexican investor pays $5.35M for Miami River development site
2.8-acre property hit the market in April for $5.6M
A Mexican investment group closed on a waterfront site along the Miami River for $5.35 million with plans to eventually develop the property.
Jerry Yoham sold the 2.8-acre assemblage at 2974 Northwest North River Drive to Global REI Group and Miami REIS LLC, led by principals Giuliano Lopresti and Mariano Soria, Soria confirmed. Apex Capital Realty’s Andrey Laranjeira represented the seller and Realty World Executive Homes represented the buyer.
The industrial property is leased to Sea Coast Shipping, and includes 123,000 square feet of land, 10,500 square feet of warehouse space, two docks and 770 linear feet of river frontage. The cap rate, which measures an owner’s return on investment, exceeds 7 percent, Miguel Pinto of Apex Capital Realty said.
Laranjeira listed the site in April for $5.6 million, or about $45 per square foot. It sold for $43 per square foot.
Sea Coast Shipping generates about $540,000 a year in gross income and has about four years left on its lease. While the property is north of the mixed-use and residential projects underway, brokers and buyers are banking on development creeping northwest.
Southeast of the Sea Coast facility are the development sites of projects like KAR Properties’ One River Point luxury condo project and Andrew Hellinger’s River Landing, a mixed-use apartment and retail complex.
The buyers are on a five-to-10-year plan to redevelop the site, Soria said. “Right now it’s [zoned] commercial industrial. We’re waiting for the residential to make its way there … The greatest play would be mixed-use,” he added.
Global REI owns other real estate in Miami, including multifamily properties in Little Havana. This is the group’s first purchase along the Miami River.