Mattoni Group closes on commercial units at 1010 Brickell

Key International and 13th Floor sold two units for $10.5M

Nov.November 07, 2017 03:00 PM

1010 Brickell and Ricardo Caporal of Mattoni Group

The developers of 1010 Brickell just sold two commercial units to Mattoni Group for $10.5 million, property records show.

Mattoni put the units under contract about three years ago, president Ricardo Caporal said. They total 11,283 square feet with an additional 1,976 square feet of outdoor space. Mattoni secured leases with the Halal Guys of New York City, an undisclosed national tenant and an undisclosed local restaurant, Caporal said. A 3,346-square-foot space is still available for lease.

Asking rents for the four units averaged about $100 per square foot, triple net. Comras Company’s Michael Comras, Jonathan Carter and Spencer Young represented Mattoni in the leases.

“Our plan is to create a triple-net credit tenant environment and hold it for a very long time,” Caporal said. Retail and restaurant rents in the Design District and on Lincoln Road are much higher, he added.

“We still think there’s a lot of rent growth in the area,” Caporal said.

Key International and 13th Floor Investments delivered the 50-story, 389-unit condo tower in August at 99 percent sold. They also recently paid off the $75.7 million construction loan, according to a spokesperson.

Related Articles

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Rattan Chadha, Executive Chairman & Founder of CitizenM

CitizenM scores $48M loan to build Brickell hotel

Daily Digest Miami

Last call for Purdy Lounge, Russell Galbut wants to sell another Miami Beach hotel: Daily digest

Smart Brickell and Santiago Vanegas

Habitat moves forward with West Brickell condo, hotel project

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Rendering of Virgin Hotels Miami and Richard Branson (Credit: Getty Images)

Richard Branson’s Virgin Hotels unveils plans for first Miami hotel, co-living included

Daily Digest Miami

PurduePharma family behind office purchase in downtown West Palm, Dwyane Wade wants out of Miami Beach manse: Daily digest

Babylon Apartments and Francisco Martinez-Celeiro (Credit: Google Maps and Wikipedia)

Showdown in Miami? Spaghetti Western star loses Brickell upzoning battle