Passionart LL Acquires Miami Produce Center For $10.5M With Joe Fernandez As Seller's Representative

The property involved in this transaction is located at 1335 NW 21st Terrace, Miami, FL 33142. This multi-tenant industrial building spans 35,908 square feet and is situated on a 53,438 square foot lot. The transaction was completed for a price of $10,500,000, which equates to approximately $292 per square foot. The property is in the Produce District area of Miami and is expected to be converted into art gallery and creative space by the new owners.

Summary of transaction details:

• Property Type: Multi-tenant industrial building
• Transaction Amount: $10,500,000
• Address: 1335 NW 21st Terrace, Miami, FL 33142
• Square Footage: 35,908
• Lot Size: 53,438 sq. ft.
• Market: Miami
• Seller: Miami Produce Center, LLC
• Buyer: Passionart, LLC
• Seller's Representative: Joe Fernandez - DWNTWN Realty Advisors
• Buyer's Representative: Ted Konigsberg - Infinity Commercial Real Estate

The managing member of Passionart, LLC, the buyer, is Ariel Bentata, who is also a founding partner in Accesso Partners, LLC, a real estate development and management company. The seller, Miami Produce Center, LLC, is an entity controlled by Robert Wennett, known for developing 1111 Lincoln Road in Miami Beach and the upcoming Miami Produce Center mixed-use project in Allapattah.