Masoud Shojaee Purchases Development Site From Jorge Gonzales In Coral Gables For $13.25M
3850 Southwest 8th Street
$13,250,000
$631/SF
Building Size
21,000 SF
Asset Type
Development Site
Closing
Apr 30, 2026
AI
The development site located at 3808-3850 Southwest 8th Street in Coral Gables features a total area of approximately 36,000 square feet. The site has been noted as the first Live Local Act-entitled development in the city. The transaction was completed for a total sale price of $13,250,000, translating to $44 per buildable square foot and $630 per square foot.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $13,250,000
- Buyer: Masoud Shojaee
- Seller: Jorge Gonzales
- Broker: Tomas Sulichin - RelatedISG International Realty
- BSF: 300,000
- PPSF: $630
- Market: Coral Gables
- Date: 05/01/2026
Tomas Sulichin, President of the Commercial Division at Related Realty, represented both the buyer and seller in this off-market sale. This transaction marks Sulichin’s fourth development deal in Coral Gables.
Players
Coral Gables Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.20%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93