Presidente Supermarkets owner lists Little Havana assemblage for $22M

The owners acquired the land from a Magic Johnson-led entity in 2013

Jan.January 10, 2020 03:30 PM
Little Havana assemblage and Carlos Fausto Miranda

Little Havana assemblage and Carlos Fausto Miranda

UPDATED, Jan. 10, 11:25 p.m.: The owners of Presidente Supermarkets are looking to sell a 2.5-acre assemblage of land in booming East Little Havana, The Real Deal has learned.

Property records show Eight & First LLC owns the site at 702 West Flagler Street, which hit the market for $22 million. The company is controlled by Ana V. and Pedro O. Rodriguez, who own the grocery store chain.

The development site is on the market with Carlos Fausto Miranda, the broker and owner of Fausto Commercial, and Alessandro Lima, also with Fausto Commercial. The land is zoned T-6-12-O which allows for 386 units and up to 771 units with density bonuses. Retail, hotel, office and residential can be built on the properties.

Miranda said the owners are looking to sell due to a change in strategy. They originally planned to build a store, but are now expanding their chain “by focusing on solely renting stores in existing sites,” he said.

The supermarket chain has about 50 locations in South Florida. In November, two men were convicted in the killing of Camilo Salazar, a hit allegedly ordered by one of Presidente’s co-founders and a former owner of some stores, Manuel Marin.

Marin did not appear to be associated with the Little Havana land.

According to property records, Eight & First LLC paid $5.63 million for the assemblage in 2013. The seller was an entity led by NBA legend and entrepreneur Magic Johnson, which incurred a heavy loss: it paid more than $11 million for the assemblage six years earlier.

Two new residential projects were recently completed nearby: Havana Lofts, a condo building at 605 West Flagler Street, and Riverview One Apartments at 645 Northwest First Street.

Miranda said he’s recently sold a handful of sites on Flagler Street, including 1860 West Flagler Street for $2.49 million and 1782 West Flagler Street for $1.65 million.

He said the neighborhood is positioned to fill the demand for workforce housing.

Mast Capital is building a 688-unit apartment complex at 1001 Northwest Seventh Street.

Also along the Miami River, Avra Jain is partnering with investors who include Bob Zangrillo to build a mixed-use hotel and residential project with luxury condos.

Correction: An earlier version of this story incorrectly identified the property’s zoning, as well as details surrounding a former owner of Presidente. 

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