Miami Design District Building Sells For Nearly 100 Times Its Last Sale Price

A building in the Miami Design District sold for $29.25 million, nearly 100 times its last sale price.
The 19,436-square-foot industrial building at 1 Northeast 40th Street sold to an affiliate of Brooklyn-based RedSky Capital and London-based JZ Capital Management.
RKF’s Drew Schaul, Benjamin Mandell and John Ellis represented the buyer. The seller, Miami Beach-based Hardor Corp., represented itself.
The 14,700-square-foot lot last sold for $300,000 in March 2004, according to Miami-Dade property records.
The buyer was granted a $16.88 million mortgage from Pacific Western Bank and CIM Real Estate Credit, which matures in three years.
RedSky and JZ Capital also paid $11 million for a 0.3-acre site at 2407 Northwest Second Avenue in Wynwood in January, records show.
 
Source:  The Real Deal

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