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Barlington Group principals sell Little Havana property for $6.75M
Building and nearby lot sold at asking price
Barlington Group principals Bill Fuller and Martin Pinilla just sold a property in east Little Havana three months after putting it on the market.
Property records show 1393 LLC sold the office building and development site at 1393 Southwest First Street and 120 Southwest 14th Avenue for its asking price of $6.75 million to 1393 Building LLC, a company controlled by Miami attorney Jorge E. Blanco.
The property hit the market in September with Marcus & Millichap’s Alex Zylberglait. It’s zoned T6-12-O, which allows for at least 12 stories of development. For now, the four-story, 25,000-square-foot building is leased to the Family Resource Center of South Florida. The nonprofit has about nine years left on its 10-year lease, Zylberglait previously said. He could not immediately be reached for comment.
Marcus & Millichap’s Francisco Baserva brokered the sale with Zylberglait.
The buyer financed the deal with a $4.75 million mortgage from US Century Bank. Blanco could not immediately be reached for comment.
Together, the building and nearby lot total 28,000 square feet, the sellers said in October.
Records show they paid $1.45 million for the properties in 2012, investing $1.6 million into renovating the building last year, including new electric, plumbing, flooring, elevator and other fixtures.
Barlington owns stakes in 40 retail, residential and hotel buildings in Little Havana, the majority of which can be found along Southwest Eighth Street.