F. Antonio “Tony” Puente, CCIM of Fairchild Partners and Otto Travieso, CCIM of Real Capital Partners negotiated the sale of 2950 SW 27 Ave to Grove Property Holdings, LLC for $9.6 million.
The broker duo convinced all office condo owners to unite and sell the entire building.
Puente and Travieso successfully closed the sale with the current office occupancy in Coconut Grove greater than 95 percent. The building was sold as an investment property at full occupancy, and totals approximately 40,000 rentable square feet, inclusive of 148 covered garage parking spaces.
“Since this was an office condo, it took a tremendous amount of time and effort to structure a deal satisfactory to all sellers,” says Travieso. “In the end, we were fortunate to be dealing with knowledgeable buyers and sellers. This transaction will prove to be a good deal for both sides, and further support the value of owning in Coconut Grove.”
The building is located on the recently upgraded SW 27 Avenue, north of the burgeoning South Bayshore Drive area. It is located within close proximity to the rapidly developing Coconut Grove Central Business District (CBD).
Puente stated, “Coconut Grove has found its groove again over the last couple of years, allowing investors to reposition quality properties for continued growth and success.”