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Daniel Cardenas Of Vertical Real Estate Purchases Miami Development Site For $26.58M

Property Image
SOLD
$26,580,000
Daniel Cardenas
Adam Neumann

Florida

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Development Site28,033 SF
Sold 06/03/2026
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Property Image
SOLD

Daniel Cardenas Of Vertical Real Estate Purchases Miami Development Site For $26.58M

710 Northeast 1st Avenue

See Similar Deals
Development Site28,033 SF
Sold 06/03/2026
Daniel Cardenas
Adam Neumann
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$948
Total Square Footage:28,033 SF
Transaction Type:Sale

A 28,033-square-foot development site located at 710 Northeast 1st Avenue in Miami, FL, was sold for $26,580,000. The asset is situated within the Miami Worldcenter, a 27-acre mixed-use development project, and has been approved for retail, restaurant, bar, and office uses.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $26,580,000
  • Address: 710 Northeast 1st Avenue
  • Market: Miami, FL
  • Square Footage: 28,033
  • Price Per Square Foot: $948
  • Buyer: Daniel Cardenas - Vertical Real Estate
  • Seller: Adam Neumann & Mark Lapidus - Flow

The transaction was executed by Daniel Cardenas, who represents Vertical Real Estate, and involved sellers Adam Neumann and Mark Lapidus, both affiliated with Flow. Their involvement in the deal highlights the connection to the former WeWork executives overseeing the asset's development phase in the Miami Worldcenter project.

Players

Daniel Cardenas
Vertical Real Estate
Daniel Cardenas
8 deals$26.6M volume
BUYER
Adam Neumann
Adam Neumann
13 deals$657.6M volume
SELLER
F
Flow
SELLER

Details

SOLD
IMAGE: Daniel Cardenas, Adam Neumann & Mark Lapidus DATE: 06/03/2026 ADDRESS: 710 Northeast 1st Avenue MARKET: Miami, FL ASSET TYPE: Development Site BUYER: Daniel Cardenas - Vertical Real Estate (@VerticalreMiami) SELLER: Adam Neumann & Mark Lapidus - Flow SALE PRICE: $26,580,000 SF: 28,033 - PPSF: $948 NOTE: An affiliate of Flow, led by former WeWork executives Adam Neumann and Mark Lapidus, sold a 28,033-square-foot development parcel within Miami Worldcenter for $26.58 million to an entity managed by Daniel Cardenas. The site is approved for retail, restaurant, bar, and office uses and represents the next phase of commercial development at the 27-acre mixed-use Miami Worldcenter project.

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

$1,417,600.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$94,433.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$126,002.76
Annual Debt Service$1,512,033.13