Carrera Family Sells Edgewater Development Site For $7.2M With Buyer's Reps Jesse Spencer & Juan Sotolongo - J& Group - Compass Commercial And Seller's Rep Maria Gueits - Avanti Way

116 NE 24th Street, located in the Edgewater neighborhood of Miami, has been sold for $7,200,000. The property, a development site with a total square footage of 29,200, was sold on 10/07/2021. The seller of the property was the Carrera Family.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $7,200,000
• Address: 116 NE 24th Street
• Market: Edgewater, Miami

This transaction generated significant interest, with multiple offers from buyers competing for the property. The land is part of a larger land assemblage and is zoned for multifamily development (Zoned T6-8-O).

Representing the buyer in this deal were Jesse Spencer and Juan Sotolongo from J+ Group at Compass Commercial. On the seller's side, Maria Gueits from Avanti Way acted as the agent.

The buyer, an undisclosed investor group based in New York, recognized the potential of this location at the cross streets of NW 24th St and Biscayne Blvd. They have a specific focus on developing market-rate rentals in South Florida and found similar land lots available in Edgewater and the surrounding areas.

Edgewater is a prime bayfront real estate location in Miami, situated between Downtown Miami and the Design District. It offers easy access to major art and retail districts like Midtown and Wynwood. The neighborhood has experienced population growth, increasing the demand for luxury residences with stunning amenities and breathtaking views of Biscayne Bay. As a result, new construction developments are continuously emerging in Edgewater.

Deal Highlights

• Sold for $7,200,000
• 29,200 Square Foot
• Buyers Won Over Multiple Offers
• Multifamily Development Zone T6-8-O
• Premium Location in New Development area

For further information on commercial real estate investment opportunities in Edgewater, interested parties can contact J+ Group.

Buyer Representation:

• Juan C. Sotolongo - Compass Commercial - [email protected] - 786.227.1055
• Jesse Spencer - Compass Commercial - [email protected] - 305.632.7195

Seller Representation:

• Maria Gueits - Avanti Way - [email protected] - (305) 321-1033