Biscayne 88 Terrace Trades For $8.7 Million In All Cash Deal

Biscayne 88 Terrace multifamily and shopping center, located in Miami Shores, has sold for $8,700,000 in cash.
Fabio Faerman of FA Commercial brokered the deal with a private Argentinian investment group.
To ensure that the handoff was managed properly as soon as it was received by the new owners, Fabio hired a property management company to assist them with the leasing and asset management after closing.  The property is a combination of 3 apartment buildings comprised of 36 units totaling 16,574 square-feet and a 15,624 square foot shopping center.
The complex property was composed of 4 different components. Retail, office, multifamily and a piece of land which could be utilized in the future for development to increase the multifamily units from 36 to 76.  The property was also separated not only by a road, but by separate jurisdictions; the City of Miami Shores and Miami-Dade County.
The Shopping Center is occupied by various tenants, including Papa John’s Pizza.