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Harvey Hernandez Of Newgard Development Group Acquires Development Site In Miami For $7M

Property Image
SOLD
$7,000,000
Virgilio Fernandez
Harvey Hernandez
Alain Crego

Florida

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Development Site72,295 SF
Sold 08/19/2025
the dealplayerscompscontact
Property Image
SOLD

Harvey Hernandez Of Newgard Development Group Acquires Development Site In Miami For $7M

7400 Northeast Miami Court, 7410 Northeast Miami Court, 40 Northeast 75th Street & 19 Ne 74 St

See Similar Deals
Development Site72,295 SF
Sold 08/19/2025
Virgilio Fernandez
Harvey Hernandez
Alain Crego
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$96
Total Square Footage:72,295 SF
Transaction Type:Sale

A development site located at 7400 Northeast Miami Court, 7410 Northeast Miami Court, 40 Northeast 75th Street & 19 Northeast 74th Street, has been sold in Miami for $7,000,000. The property spans 46,642 square feet, translating to a price per square foot of $150.

Summary of transaction details:

Virgilio Fernandez and Alain Crego represented both the buyer, Harvey Hernandez of Newgard Development Group, and the seller in this transaction. The brokers achieved record pricing for the seller and finalized the deal in a notably short timeframe, reflecting the notable growth of the Little River neighborhood.

Players

Virgilio Fernandez
Cushman & Wakefield
Virgilio Fernandez
42 deals$222.9M volume(305) 613-4507
BROKER
Alain Crego
Colliers
Alain Crego
1 deal$7M volume(305) 900-3063
BROKER
Colliers
Colliers
BROKERAGE
Harvey Hernandez
Harvey Hernandez
12 deals$870.8M volume
BUYER

Details

SOLD
IMAGE: Alain Crego, Virgilio Fernandez & Harvey Hernandez DATE: 08/19/2025 ADDRESS: 7400 Northeast Miami Court, 7410 Northeast Miami Court, 40 Northeast 75th Street & 19 Northeast 74th Street MARKET: Miami ASSET TYPE: Development Site BUYER: Harvey Hernandez (@NewgardGroup) SELLER: Robinson Julien BROKERS: Virgilio Fernandez (@Vboundless) & Alain Crego (@Ahlizy) - Colliers (@ColliersInternational) SALE PRICE: $7,000,000 SF: 46,642 ~ PPSF: $150 NOTE FROM BROKER: We are pleased to announce that Virgilio Fernandez and Alain Crego represented the buyer and seller in the sale of a 1-acre development site in Miami’s Little River neighborhood. The team achieved record pricing for the seller and closed the transaction in a very short timeframe. The property sold for $7,000,000 to Harvey Hernandez of Newgard Development Group. This record-setting sale also reflects the transformational growth of Little River, which is rapidly attracting investment across residential, retail, and cultural sectors, establishing itself as one of Miami’s most dynamic and up-and-coming markets. If you are considering acquiring or selling property and would like expert guidance to achieve your investment goals, please contact our team.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$373,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85