Royal Palm Companies Acquires Mixed-Use Development In Miami For $33.9M

A mixed-use development located at 942 Northeast 1st Avenue in Miami has been sold for a price of $33,900,000. The property spans across 1.53 acres and has a price per acre of approximately $22,156,863. The transaction took place on December 3, 2020. The sale was facilitated by Cushman & Wakefield brokers Robert Given, Troy Ballard, and James Quinn.

Summary of transation details

• Property Type: Mixed-Use Development
• Transaction Amount: $33,900,000
• Location: 942 Northeast 1st Avenue, Miami
• Market: Miami
• Buyer: Royal Palm Companies (RPC) - Dan Kodsi
• Seller: Miami World Center Associates - Nitin Motwani & Art Falcone
• Brokers: Robert Given, Troy Ballard, & James Quinn - Cushman & Wakefield
• Acres: 1.53
• Price per Acre: $22,156,863

The property was acquired by Royal Palm Companies (RPC) represented by Dan Kodsi. The sellers were Miami World Center Associates, represented by Nitin Motwani and Art Falcone. The transaction marks a significant sale in the Miami market for mixed-use development properties.