Alex Pirez Acquires Retail Property In Miami From Terra Group & Related Group For $5.5M

The Coconut Grove property located at 3321 Mary St in Miami has been sold in a recent transaction. The property is a retail asset with a total square footage of 5,731, which includes an additional 1,000 square feet of outdoor space for seating. The sale price for this property was $5,500,000, resulting in a price per square foot of $960.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $5,500,000
• Address: 3321 Mary St, Miami
• Market: Miami
• Square Footage: 5,731
• Price per Square Foot: $960

The buyer of the Coconut Grove property is Alex Pirez, while the sellers are the Terra Group and the Related Group. The sale transaction was facilitated by Fabio and Sebastian Faerman of FA Commercial at Fortune International Realty. It is worth noting that this sale marks the second transaction in a week for the same building, effectively selling out the commercial units in the Park Grove Residences.

In a separate transaction involving the Related-Terra venture, they also sold the retail condo on the ground floor of Park Grove Residences to a Mexican investment group for $6 million. This additional space spans just under 10,000 square feet. FA Commercial acted as the representative for both the buyer and the seller in that deal.