Jesse Spencer And Juan Sotolongo Of Compass Represent Buyer In $3.95M Miami Beach Retail Sale

The property asset involved in the transaction is located at 1542 Washington Avenue, Miami Beach. This retail asset was sold for $3,950,000, translating to a price per square foot of $672 for a building encompassing 5,870 square feet on a 6,520 square foot lot. Originally constructed in 1940, it sits within CD-2 Commercial zoning, allowing for various potential transformations.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $3,950,000
• Square Footage: 5,870 SF
• Price per Square Foot: $672
• Address: 1542 Washington Avenue
• Market: Miami Beach
• Seller: Ron Firman
• Buyer's Representatives: Jesse Spencer & Juan Sotolongo - Compass

Jesse Spencer and Juan Sotolongo represented the buyer in this transaction. The buyer, identified as a local Owner-User, intends to fully renovate and reconfigure the existing space, aiming to revitalize the property. Both parties expressed satisfaction with the deal, indicating a successful outcome for the transaction.