Masaveu Real Estate US has assembled almost an entire block in Miami’s Brickell neighborhood after paying $24 million for a Wendy’s restaurant.
The American subsidiary of Spanish conglomerate Corporacion Masaveu, led by Chairman Fernando Masaveu Herrero, acquired the 3,611-square-foot fast food restaurant at 200 Southwest Eighth Street, records and real estate database Vizzda show.
Alfonso Jaramillo with Fortune Christie’s International Real Estate brokered the deal. Attorney Lindsey Mandler with Miami-based Caldera Law represented the seller, and lawyer Sue Zabloudil with DLA Piper represented the buyer.
The sellers, three entities managed by Juan Carlos Cachoua and Tharine Morales in Miami, acquired the 0.6-acre site for $10.5 million in 2014, records show. The building was completed in 1979.
While no plans have been filed with the city of Miami, the Wendy’s property can be redeveloped into a multifamily, condominium, hotel, office or mixed-use project, according to an online brochure. A Masaveu spokesperson said the firm has no immediate plans to redevelop the Wendy’s and three other parcels the company owns on the same block.
In April, Masaveu dropped $15.5 million for a 0.3-acre parcel with a three-story commercial building at 268 Southwest Eighth Street.
The vacant building was previously leased to Okey Dokey food hall, which was evicted by the previous owner in February.
Masaveu also owns two other properties spanning a half-acre at 242 and 250 Southwest Eighth Street. Last year, Masaveu demolished two small commercial buildings on the site after buying the parcels for $14.7 million in 2022, records show.
With the Wendy’s acquisition, Masaveu now controls 1.4 acres on Southwest Eighth Street and Southwest Second Avenue. The assemblage is zoned for 150 units per acre and a maximum height of 48 stories. Masaveu is also seeking to add more density by utilizing air rights representing 22,050 square feet and 48 condo or apartment units that the firm acquired from the owner of a one-story retail building Miami’s historic MiMo District, where projects are capped to a maximum height of five stories.
Masaveu also owns Courvoisier Centre, an office project in Brickell Key that the company acquired for $146 million in 2014.