Brazilian artist and sculptor Romero Britto purchased his biggest gallery piece, his company’s headquarters.
Britto paid $11.8 million for the 58,000-square-foot art studio at 795 Northwest 72nd Street in Miami’s Little River neighborhood, according to a press release. Real estate investor Joe Del Vecchio sold the property.
The Britto Group creates artwork for consumer goods, retail, brand licensing, real estate, coffee shops, restaurants, hotels, skin care and liquor. Britto’s artwork is known for its colorful style.
Alfredo Riascos of Gridline Properties represented the seller, and Jason Zarco of Berkshire Hathaway HomeServices EWM Realty represented Britto. Attorney Salomon Bagdadi worked with Britto to secure a $9.4 million loan from Ocean Bank.
Britto was previously leasing the two-story warehouse. Records show the seller, 317 W 795 LLC, paid $2.5 million for the building in 2017.
Other investors have their eyes on Little River, which borders the Gladeview and Liberty Square neighborhoods to the west.
Last year, Swerdlow Group proposed a massive, mixed-use public housing project spanning 65 acres along Miami’s Little River and Little Haiti neighborhoods. The development could cost $2.6 billion and create nearly 5,000 workforce and affordable housing units. It would include private land and would be mostly privately financed.
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