The property asset involved in this transaction is a parking lot with a total square footage of 14,750 situated at 269 Northwest 27th Terrace, Miami, FL, 33127. The market value for this development site amounts to $5,850,000.00.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $5,850,000.00
• Buyer: RRR Wynwood LLC
• Seller: Thor Weck Owner LLC
• Buyer's Representative: Gaston Miculitzki (BM2 Realty)
• Seller's Representative: Devlin Marinoff (DWNTWN Realty Advisors)
• Square Footage: 14,750
• Sale Price Discount: 13% from listed price of $6.75 million
• Closing Details: Closed after a five-day due diligence

The buyer, RRR Wynwood LLC, is controlled by Martin Miculitzki and aims to develop the property into either single-story retail or an eight-story hotel with up to 98 keys. The seller, Thor Weck Owner LLC, previously acquired the larger assemblage for $26.9 million in 2015 and garnered site plan approval the following year for a mixed-use residential building. Notably, the site was part of a larger property originally reaching up to a 2.1-acre assemblage.