Miami River-Little Havana Redevelopment Site Sells for $2,725,000

A Nine Unit apartment building on a 17,300 SF site at 619 & 631 NW 10th Ave has sold in the Miami River District next to the newly constructed “Waterline” 346 unit and J. Milton’s 140 unit “Reflections” Class A Multifamily developments. It is across from the 2nd largest health district in the US, Civic Center and the newlyopened multi-million dollar “River Landings” mixed-use development. The Buyer purchased the site at land value and plans to redevelop the T-6-8 zoned site in the future.

The Buyer, Babba Yeshmarin has been a highly active investor in the Miami and urban Miami neighborhoods for the past 20 years has acquired assembled parcels that can be developed to over 2 Million Square Feet of residential and commercial buildings.

The Seller, Ana M. Pereiro and Jorge Pereiro purchased the property in the early 70’s with four units on the site and built five more. Later, the Seller acquired a contiguous vacant parcel to add to its investment. The Buyer had tried for over ten years to acquire the property from the Seller after its acquisition of an adjacent property with a 15,000 Sq. Ft. warehouse building and 22,000 Sq. Ft. Lot on the Miami River.

John Lonardo, CCIM broker/owner of ComReal Miami-Coral Gables, LLC and Ray Borr of Cedano Realty Advisors brokered the sale representing both buyer and seller in the off-market transaction. Frank Rodriguez Melo, CCIM the broker/owner of Cedano Realty Advisors has been a leader in brokerage, management and role as an investor in the Miami River Little Havana market for over 20 years.

Area Highlights

The property is located in the “Little Havana” Miami River District on the NW 7th Street/North South River Drive corridor at NW 10th Ave. on the south side of the Miami River. It is a half mile South of the nation’s 2nd largest health district and Civic Center and 2.2 miles from the Downtown/Brickell CBD employment centers and 15 minutes to Miami International Airport. The East-West SR 836 Dolphin Expressway and I-95 are directly accessible. The neighborhood offers connecting bus and rail and trolley public transportation systems. There are 200,000 residents within a 3 Mile Radius with a median income of $65,000. The daytime population is 600,000, within a 5 Mile radius.

Average age: 38 yrs.

About ComReal

The ComReal Companies offer preeminent commercial real estate brokerage services. As an industry leader in South Florida, ComReal and its affiliates provide unparalleled local market expertise. As a service provider, ComReal works with its clients to determine, identify and assess both short and long-term objectives. ComReal offers the best market research information available, including a constant flow of information on market products, trends, and developments that are used to assist in the daily decision-making process. Clients receive the most current and relevant news and studies available as related to their respective interests. The ComReal Coral Gables team consists of highly trained and distinguished professionals in their respective areas of expertise. They are committed to excellence, education and high ethical standards.