Cushman & Wakefield’s Virgilio Fernandez Represents Buyer In $22M Off-Market Acquisition
At approximately $90,000 per unit, the site’s per-unit pricing is the highest ever paid for a South Miami development site.
At approximately $90,000 per unit, the site’s per-unit pricing is the highest ever paid for a South Miami development site.
The building, which dropped to a low of 62% leased during the pandemic, now stands at 97% occupied with a diversified tenant roster comprising 43 tenants in 15 distinct industries.
The property is currently improved with the Aventura Offices and Medical Center, a two-story office and medical office building totaling about 37,000 square feet.
To qualify, investors must invest $800,000 in capital from a lawful source of funds into the project.
The two-story property sold for $510 per square foot.
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Simon acquired the 18.6-acre Sears site last year for $23 million.
He brings more than 20 years of experience across the public and private sectors spanning real estate development, land use and zoning, urban planning, acquisitions and dispositions, asset management, and public-private partnerships.
The portfolio, which totals 42 residential units, traded for a combined $8.87 million, equating to $211,190 per unit.
The firm first brought on David Bateman as Managing Director for his operational leadership, broker implementation experience, and 20-year track record including senior roles at CBRE and Avison Young.
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