PRLog - April 24, 2014 - MIAMI -- FA Commercial is proud to announce the recent sale of Biscayne 88 Terrace Multifamily & Shopping Center located in the Northeast Miami area in Miami Shores. The property was 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 measuring 16,574 square-feet of total building area and a shopping center of 15,624 square-feet area. Working with this level of difficulty was a first for Fabio. The complex property was composed of 4 different components. Retail, office, multifamily and a piece of land which could be used in the future for development plans to increase the multifamily units from 36 to 76. The property was also separated not only by a road, but by separate jurisdictions;
88 Biscayne Terrace
The Shopping Center is occupied by various tenants. The most notable anchor is Papa John’s Pizza and the USA Nail Salon. Papa John’s Pizza is the third largest take-out and delivery pizza restaurant chain in the United States with an estimated 4,000 locations worldwide. The USA Nail Salon is one of 200,000 specialty nail salons in the United States which specialize in primarily nail care services as well as manicures, pedicures and skin care services. The Terrace is conveniently located in an area that has a strong residential and touristic base for retail and service related uses and has an excellent exposure to traffic flow with an estimated report of an average weekday daily traffic (AWDT) of 51,000. In addition, there are a number of neighborhoods and community shopping centers located along the major intersections along Biscayne Boulevard and around the area as well, making it a densely populated, built-out natured area. All of the Multifamily 36 units are 100% occupied and the 7 retail units are 95.4% occupied and renovated since 2002.
Fabio Faerman and his team at FA Commercial are pleased to contribute to the progress of commercial real estate market with deals like these. Faerman also recently assisted in the sale of the land used to develop ECHO Brickell. The residential high rise on the east side of Brickell Avenue features 180 state-of-the-
About FA Commercial Advisors
FA Commercial Advisors provides a complete range of commercial real estate brokerage services – including owner and tenant leasing, acquisition and sales, marketing and consulting – to owners, investors and lessees of all property types. With an extensive international network of real estate professionals throughout the world, we offer local market knowledge on a global level.
About Fortune International Realty Commercial Division
The Commercial Division was created to offer specific advice and service to sophisticated clients, searching for a deep understanding of real estate businesses. This division has the purpose of coordinating and providing services to Fortune International Realty clients as well as residential and commercial associates interested in pursuing commercial real estate transactions