Avra Jain Acquires Property At 3415 NE 2nd Ave Miami For $13M With Broker Representation

The property asset involved in this transaction is a 52,500-square-foot building located at 3415 NE 2nd Ave, Miami, FL 33137. The market value of the transaction was $13,000,000. The building sits on a land area totaling 35,320 square feet and was originally constructed in 1962 as a shoe distribution warehouse. It features a parking lot and has undergone some renovations, including exposing steel trusses and increasing the ceiling height to 14 feet.

Summary of transation details:

• Property Type: Commercial
• Transaction Amount: $13,000,000
• Buyer: Avra Jain
• Seller: Jeffrey Chen
• Buyer's Representative: Alfredo Riascos - Gridline Properties, Evon Gordon - Fortune International Realty
• Seller's Representative: Jefferson Brackin - BG Black
• Financing: $6.7 million loan from Ready Capital for acquisition and $5 million for construction and development
• Intended Use: Conversion into a retail and creative office building
• Completion Timeline: Leasing expected in approximately three to four months

This transaction involved key individuals such as local chef and restaurateur Jeffrey Chen, who sold the property, and Avra Jain, who aims to develop it further. Jain noted the property's electrical and plumbing systems are in good condition and that plans for renovations are underway. The previous owner had intended to open a restaurant at this location. Jefferson Brackin represented the seller in the transaction, while brokers Alfredo Riascos and Evon Gordon facilitated the sale for the buyer.