Eduardo Otaola Of Constellation Group Acquires Development Site In Coconut Grove For $12M

The property involved in the transaction is a development site located at 3000 Southwest 28th Street, Miami. The sale price for the 27,973-square-foot site was $12,000,000, which equates to a price per square foot of $429.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Buyer: Eduardo Otaola - Constellation Group
• Seller: John Farrey
• Location: 3000 Southwest 28th Street, Miami
• Square Footage: 27,973
• Price per Square Foot: $429

Eduardo Otaola represents Constellation Group, which acquired the property from John Farrey, the owner of Farrey’s Lighting & Bath. The acquisition includes a plan for a long-term redevelopment of the site, with operations of Farrey's to continue for up to 120 days following the closing date on October 1.