Downstream Realty Partners has purchased the Camilo Office Furniture building in Miami for $10 million, with plans to redevelop the property.
The 61,440-square-foot warehouse and showroom at 4400 Southwest 75th Avenue, is on a 107,593-square-foot lot and houses the furniture company’s headquarters. It is near the Bird Road Arts District.
The price equates to $163 per square foot for the building.
The seller is Camilo Office Furniture, whose principals are Lopez family members Camilo Lopez, Camilo Lopez III, Luis Lopez, Jose Lopez and Ricardo Lopez. Another family member who declined to provide her name told The Real Deal that the company is looking to relocate in Miami. She declined to comment further.
Property records show the family paid $700,000 for the property in 1977. The building was built in 1963.
The buyer, Palmetto Investors, LLC, is actually Downstream Realty Partners, partner Camilo Padilla-Andrade told TRD. Downstream Realty Partners is owned by Padilla-Andrade and Constantine Scurtis. Scurtis is also the owner of SL Capital, which finances commercial mortgage backed securities, according to its website. Both firms have an address at 2977 McFarlane Road in Coconut Grove.
Padilla-Andrade’s plans are to redevelop the property, he told TRD.
Agustin Duarte, an agent with RE/MAX Advance Realty’s Commercial Division, co-brokered the sale with Jose Serrano and Gabriel Serrano of New Miami Realty, according to a release.
Source: The Real Deal
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