Mexican investor pays $5.35M for Miami River development site

2.8-acre property hit the market in April for $5.6M

TRD MIAMI /
Jul.July 26, 2017 10:30 AM

Miami River site. Inset: listing broker Andrey Laranjeira

Mariano Soria

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.


Related Articles

arrow_forward_ios
Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

1160 Northwest North River Drive and Yolymiler Diaz (Credit: Google Maps and LinkedIn)

Miami River apartments sell amid development boom

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

arrow_forward_ios