5 Wyn LC - Sandbox VR Acquires Retail Property In Miami From Hacob Woo Ho Lee & W Eun Sook Bae For $6M

The property asset involved in this transaction is a retail space located at 2801 Northwest 5th Avenue in Miami. It was sold for a total of $6,000,000, encompassing a square footage of 5,250, which equates to a price per square foot of $1,142. This sale marks a significant transaction in the market.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $6,000,000
• Address: 2801 Northwest 5th Avenue
• Market: Miami
• Buyer: 5 Wyn LC - Sandbox VR
• Seller: Hacob Woo Ho Lee & W Eun Sook Bae
• Buyer's Representative: David Spitz & Jordan Gimelstein - Inhouse Commercial
• Seller's Representative: Fredrick Klein - Riviera Horizons
• Square Footage: 5,250
• Price Per Square Foot: $1,142

This transaction involved representatives from Riviera Horizons and Inhouse Commercial, indicating collaboration between the two brokerage firms. The sale was noted for achieving a record-breaking price per square foot in the 5th Avenue corridor, highlighting the demand for retail properties in this area. Additionally, there is a similar property currently on the market at the same address but offered at a lower price per square foot.