The coveted ground floor retail space located at X Miami, a new condominium development on Biscayne Boulevard, was just sold for $6.3 million (or $966 per square foot) in an exclusive off-market deal. Fabio Faerman, CCIM of FA Commercial Advisors – a commercial division of Fortune International Realty – was an integral catalyst of the deal, representing both the buyer and seller. A NNN investment group purchased the retail condominium spaces from a Miami-based investment firm who acquired the subject property during pre-construction last year.
The retail spaces encompass 6,520 square feet of interior space and a 1,752 square foot terrace facing Miami-Dade College Wolfson Campus and Vizcayne Development. Lease contracts average $65 per square foot with tenants already secured by the seller including:
- Caffé Fiorino
- Inari Sushi
- GoGo Fresh
- Oxxo Care Cleaners
- A new concept of a casual and quick pizzeria brought by the owner of Stanzione 87
“We successfully aligned both buyer and seller investment criteria by utilizing specific investment strategies for each side” – says Faerman. The new tenants are expected to start operating later this year.
New X Miami Luxury Development
X Miami, located at 230 NE 4th St. by downtown Miami was developed by PMG. It boasts 32 stories, 464 luxurious apartment units, a hotel like public lobby, expansive pool deck, modern fitness facilities, club lounge, an impressive sky dog park, and a co-working space. The developer also announced that 4 floors will be going to The Guild Hotels, which will have 64 units on the tower and will offer virtual Check-In and Check-Out providing a seamless experience for its customers and adding value to the new X Miami Tower. This new modern and luxurious development will create a social living experience that will raise the bar for new constructions of multifamily projects in Florida and the United States.
About FA Commercial Advisors
FA Commercial is a specialized team led by Fabio Faerman focusing on Investment sales, landlord & tenant representation, market analysis, site selection, strategy selection, and portfolio overview. Our approach is distinctive, comprehensive, and thorough. We capitalize on opportunities and provide clients with strategies for their real estate properties. Fabio Faerman is the director of the commercial division at Fortune International Realty where he has been the top producer 5 years in a row. Since 2002, Fabio and his team have sold over $1Billion in assets across South Florida.