Metro 1 Founder and CEO Tony Cho and Metro 1 Commercial Executive Vice President Tony Arellano represented the seller, CGI Studio, in the off-market sale of 80 NE 40th Street for $16 million dollars, according to a release.
Devlin Marinoff and David Spitz of Whitehall Realty Advisors LLC represented the buyer.
The 8,025-square-foot building sold for $1,993 per square foot and the property’s 7,500-square-foot lot transacted at $2,133 per square foot.
The Design District is one of the fastest-growing and most popular communities in Miami-Dade County. Once made up of shuttered warehouses facing urban decay, it has undergone a remarkable transformation into trendy destination of luxury fashion, art, design and culture, inviting diverse groups of locals and tourists attracted by the unique vibrancy of the area’s restaurants, boutiques and galleries.
Arellano holds the position of Secretary on the CIASF Board of Directors for 2014-2015.