Miami Produce District Building Trades For $292 PSF

On June 16, Passionart, LLC closed on the purchase of 1335 NW 21st Terrace, a multi-tenant industrial building in the Produce District area of Miami.

The seller of the 35,908-square-foot building on a 53,438 sq. ft. lot was Miami Produce Center, LLC an entity controlled by Robert Wennett, the visionary developer of 1111 Lincoln Road in Miami Beach and the recently announced Miami Produce Center mixed use project in Allapattah.

The purchase price was $10,500,000, approximately $292 per square foot. The managing member of Passionart, LLC is Ariel Bentata, a founding partner in Accesso Partners, LLC, a real estate development and management company with 18 million square feet across the US.

The buyers intend to convert the property to art gallery and creative space. The buyer were represented by Ted Konigsberg of Infinity Commercial Real Estate. The seller was represented by Joe Fernandez of DWNTWN Realty Advisors.

 

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