Market Update: Edgewater – June 2024

Notable Edgewater Real Estate Transactions: January to May 2024 Summary

Aria on the Bay – Units CU-3 & CU-4

• Recorded Date: 1/12/2024
• Property Type: Retail
• Size: 10,629 SF
• Sale Price: $5,500,000
• $/SF: $517
• Notes: Two commercial condos, part of “Aria on the Bay,” which includes 648 residential units and 3 commercial units in one 53-story tower. On 1/12/2024 the Delaware entity, ARIA CU3 & CU4 LLC, acquired the property from an entity tracing to Grace Shih for $5,500,000.

445 NE 36th Street (Proposed Building)

• Recorded Date: 1/17/2024
• Property Type: Land
• Size: 0.45 acres (19,475 SF)
• Notes: Multifamily land with six residential units on-site. Existing buildings to be demolished. Proposed 180-unit condo-hotel mixed-use tower with retail space. In a public meeting on 01/17/24, the Miami Urban Development Review Board introduced four Waiver requests for the proposed development.

2501-2511 Biscayne Blvd

• Recorded Date: 1/19/2024
• Property Type: Land
• Size: 1.11 acres (48,351 SF)
• Sale Price: $28,500,000
• $/Lot: $589
• Notes: Commercial land with a restaurant built in 2000 & 2006. An entity c/o attorney Joseph McKechnie purchased this property on 1/19/24 for $28,500,000. The seller entities had various ownership interests.

Advance Auto Parts – 1925 NE 2nd Ave

• Recorded Date: 1/22/2024
• Property Type: Retail
• Size: 6,775 SF
• Sale Price: $12,000,000
• $/SF: $1,771
• $/Lot: $562
• Notes: Freestanding retail built in 1997 on 0.49 acres. An entity tracing to Enrique Manhand (c/o AF Realty) purchased this property on 1/22/24 for $12,000,000. Sale-leaseback with Advance Auto Parts as the seller.

426 NE 28th St – 0.86 Acre Edgewater Development Site

• Recorded Date: 2/2/2024
• Property Type: Land
• Size: 0.86 acres (37,462 SF)
• Sale Price: $19,200,000
• $/Acre: $22,325,581
• $/Lot: $513
• Notes: Residential land with multifamily buildings. Grupo T&C purchased this property on 2/2/24 funded by cross-collateralized debt. Seller traces to Jim Agard.

Staples – 2121 Biscayne Blvd

• Recorded Date: 3/5/2024
• Property Type: Retail
• Size: 20,098 SF
• Sale Price: $25,000,000
• $/SF: $1,244
• $/Acre: $25,252,525
• $/Lot: $576
• Notes: Freestanding Big Box Retail Store built in 2008 on 0.99 acres. Intended for redevelopment into Johnson Kia of Downtown Miami. On 3/5/2024, the property was purchased for $25,000,000 by C David Johnson Jr.

3047 Biscayne Blvd (0.46 Acres)

• Recorded Date: 4/19/2024
• Property Type: Land
• Size: 0.46 acres (20,240 SF)
• Sale Price: $12,400,000
• $/Acre: $26,956,522
• $/Lot: $613
• Notes: Commercial land. Acquired by Grupo Frali from 3H Group on 4/19/2024 for $612.65 per SF.

Midtown 1 (Proposed Building)

• Recorded Date: 5/15/2024
  Property Type: Land
• Size: 1.63 acres (71,218 SF)
• Notes: Commercial land proposed for a 48-story mixed-use tower with residential and retail units. In a public meeting on 05/15/24, the Miami Urban Development Review Board introduced a Major Use Special Permit request for the proposed development.

Edgewater Infill / Redevelopment Site (0.47 acres)

Recorded Date: 5/31/2024
Property Type: Land
Size: 0.47 Acres
Sale Price: $9,261,800
$/SF: $451
Notes: This property encompasses 0.47 acres of land in Edgewater designated for infill/redevelopment with T6-36a-O zoning. According to the county appraiser, the site totals 20,536 SF. The property includes a 16,245 SF, 2-story office building originally constructed in 1925 and remodeled in 1961. On May 31, 2024, an entity affiliated with Silvio Caprino and Gabriel Boano from Art and Tec Development acquired the site for 9,261,800. $451 per SF of land or $570 per SF for the office improvements. The seller entity has ties to attorneys Roger Schindler and Neal Sandberg.

250 NE 27th St – Related buyers/sellers as above.

Recorded Date: 5/31/2024
Property Type: Office
Size: 0.12 Acres
Sale Price: $2,381,400
$/Lot: $451
Notes: This property features a 2,921 SF office building situated on 0.12 acres with T6-36a-O zoning, as noted by the assessor. Originally built in 1923, this 2-story building was purchased on May 31, 2024, by an entity linked to Silvio Caprino and Gabriel Boano for $2,381,400.

For more info on any of these sales or to find out how sales and leasing activity affects the value of your property, contact me today.

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