AIDS foundation buys retail building on Biscayne Boulevard

Sellers own the furniture store that currently occupies the building

2400 Biscayne Boulevard (Credit: Google Maps)
2400 Biscayne Boulevard (Credit: Google Maps)

The AIDS Healthcare Foundation is branching out into Biscayne Boulevard, in Miami’s Edgewater neighborhood. Property records show AHF paid $6.8 million for a retail building at 2400 Biscayne Boulevard.

The sellers are the owners and managers of KOM, the furniture store that occupies the building. Luis Morales Valerio and Javier Ocampo sold the 8,670-square-foot retail building for about $784 per square foot. The building hit the market in May 2016 for $6.75 million.

Records show that Valerio paid a little more than $2 million for the building and an adjacent parking lot in 2004. In 2009, Valerio sold the parking lot, which had a value placed on it by the bank of $495,000.

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CBRE’s Todd Weintraub, Kevin Ruiz and Danny Diaz represented the sellers. In a previous interview with The Real Deal, Valerio said he does not plan to close the store, and instead wants to relocate it elsewhere in Miami.

Biscayne Boulevard has increasingly become a target for investors and developers, attracting new restaurants and retail tenants. In September, Atlas Capital Group sold a nearby development site at 1900 Biscayne Boulevard for $18.4 million.

In August 2016, AHF paid $4.8 million for a 5,200-square-foot building at 2900 Biscayne Boulevard. The building now operates as a medical retail pharmacy for AHF. Representatives for AHF were not immediately available to comment.