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Carrera Family Sells Edgewater Development Site For $7.2M With Buyer's Reps Jesse Spencer & Juan Sotolongo - J& Group - Compass Commercial And Seller's Rep Maria Gueits - Avanti Way

116 Northeast 24th Street
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This Development Site property located in FL was sold for $7,200,000 over 2 years ago. The brokers of the deal were Maria Gueits, Juan Sotolongo, and Jesse Spencer

116 NE 24th Street, located in the Edgewater neighborhood of Miami, has been sold for $7,200,000. The property, a development site with a total square footage of 29,200, was sold on 10/07/2021. The seller of the property was the Carrera Family.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $7,200,000
  • Address: 116 NE 24th Street
  • Market: Edgewater, Miami

This transaction generated significant interest, with multiple offers from buyers competing for the property. The land is part of a larger land assemblage and is zoned for multifamily development (Zoned T6-8-O).

Representing the buyer in this deal were Jesse Spencer and Juan Sotolongo from J+ Group at Compass Commercial. On the seller's side, Maria Gueits from Avanti Way acted as the agent.

The buyer, an undisclosed investor group based in New York, recognized the potential of this location at the cross streets of NW 24th St and Biscayne Blvd. They have a specific focus on developing market-rate rentals in South Florida and found similar land lots available in Edgewater and the surrounding areas.

Edgewater is a prime bayfront real estate location in Miami, situated between Downtown Miami and the Design District. It offers easy access to major art and retail districts like Midtown and Wynwood. The neighborhood has experienced population growth, increasing the demand for luxury residences with stunning amenities and breathtaking views of Biscayne Bay. As a result, new construction developments are continuously emerging in Edgewater.

Deal Highlights

  • Sold for $7,200,000
  • 29,200 Square Foot
  • Buyers Won Over Multiple Offers
  • Multifamily Development Zone T6-8-O
  • Premium Location in New Development area

For further information on commercial real estate investment opportunities in Edgewater, interested parties can contact J+ Group.

Buyer Representation:

Seller Representation:

View Related

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  • Location
    116 Northeast 24th Street116 Northeast 24th Street
  • Sale Price
    $7,200,000$7,200,000
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

Maria Gueits

Maria Gueits

Deals4
Sold$27.6M

Juan Sotolongo

Juan Sotolongo

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Sold$22.8M

Jesse Spencer

Jesse Spencer

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Financed$27.4M

Agencies

Avanti Way

Avanti Way

Agency
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Volume$69.1M

Compass

Compass

Agency
Deals2902
Volume$20.9B

Social

Deal Summary

SALE IMAGE: Maria Gueits, Jesse Spencer & Juan Sotolongo DATE: 10/07/2021 ADDRESS: 116 NE 24th Street MARKET: Edgewater, Miami ASSET TYPE: Development Site SELLER: Carrera Family BROKERS: Jesse Spencer (@Jesse.D.Spencer) & Juan Sotolongo (@Juan.Sotolongo) - J+ Group (@JPlusGroup) - Compass Commercial; Maria Gueits - Avanti Way (@MariaGueitsRealtor) ASKING PRICE: $7,200,000 SALE PRICE: $7,200,000 BSF: 29,200 ~ PPBSF: $247 NOTE: The land was part of a large land assemblage zoned for Multifamily Development (Zoned T6-8-O). Commercial investors based in New York saw an opportunity in the location at the cross streets of NW 24th St and Biscayne Blvd. The undisclosed investor group is focused on South Florida for new developments to build market-rate rentals. Similar land lots are available in Edgewater and surrounding areas. The buyers were represented by J+ Group at Compass Commercial brokers, Jesse Spencer and Juan Sotolongo. Sellers were represented by Avanti Way agent, Maria C. Gueits. Deal Highlights Sold for $7,200,000 29,200 Square Foot Buyers Won Over Multiple Offers Multifamily Development Zone T6-8-O Premium Location in New Development area The neighborhood of Edgewater is prime bayfront real estate in Miami Florida. It is ideally located between Downtown Miami and Design District, just east of major art and retail districts of Midtown and Wynwood. Recent population increases in Edgewater have created the demand for luxury residences with resort-style amenities and sweeping views of Biscayne Bay. The possibilities in Edgewater abound as new construction developments continue to grow. Contact J+ Group to inquire further on the many commercial real estate investment opportunities in Edgewater. Buyer Representation: Juan C. Sotolongo [email protected] 786.227.1055 Jesse Spencer [email protected] 305.632.7195 Sellers Representation: Maria Gueits, Avanti Way [email protected] (305) 321-1033

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