January 23, 2013
Metro 1 Commercial has participated in a major real estate transaction that is one of the largest and most significant recent sales in Miami.
The Filling Station Lofts project, located on 1650 N.E. Miami Court, is a 17-story residential high rise that has been delayed for many years. Intrepid Group had started the development but ended up losing it, and PAC Capital seized the property in foreclosure after purchasing a $26.9 million mortgage from Ocean Bank. It was sold at a $17.7 million discount to a developer that plans to finish what Intrepid Group started. According to the South Florida Business Journal:
PAC Capital sold it for $9.2 million to FLS Development, a partnership between NR Investments and Taho Investments. Metro 1 Properties President Tony Cho and commercial associates Fabian Graff and Mika Mattingly represented the buyer. The new owners will invest about $11 million into completing the 81-unit building, plus ground-floor retail, Metro 1 stated
Metro 1 was also hired to market the property to residents.
“The property is well positioned to satisfy increased demand for urban living in an area thriving with life, thanks to the emerging arts and culture scene surrounding the property,” Cho stated in a news release.
Indeed, this sale is not only a testament to Metro 1 Commercial’s expertise in handling Miami Commercial Real Estate, but it speaks volumes about the popularity of Miami Properties. The city has experienced a considerable boom in development projects such as the Filling Station Lofts. The nearby communities of Wynwood, Midtown, and Downtown Miami have all experienced urban revitalization efforts that have remade the once neglected urban core of the city into one of the most desirable places to live.
Metro 1 Commercial is a leading provider Miami Commercial Real Estate, and this recent transaction is one of many that demonstrate its proven track record. In addition to facilitating the sale of this property – Metro 1 Commercial has been tasked with marketing the property and leasing the units. To make the most of the business opportunities available from the city’s fast-paced growth, contact us at 305-571-9991.