Erik Rutter & David Weitz Purchase Miami Development Site For $38.5M

The development site located at 49 Northwest 5th Street in Miami was sold for $38,500,000. The property spans 37,857 square feet with a price per square foot of $1,017. Additionally, the building comprises 416,427 buildable square feet, resulting in a price per buildable square foot of $92.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $38,500,000
• Address: 49 Northwest 5th Street
• Market: Miami
• Buyer: Erik Rutter & David Weitz - Oak Row Equities
• Seller's Rep: Vincent Pastore - Vincent Pastore & Associates, Mika Mattingly & Cecilia Estevez - Colliers International

The sale of the development site was facilitated by Vincent Pastore from Vincent Pastore & Associates, along with Mika Mattingly and Cecilia Estevez from Colliers International. The buyers, Erik Rutter and David Weitz of Oak Row Equities, successfully acquired the property in this significant transaction.