MV Group USA Closes on the Sale for $3,100,000 for the Newly Developed 9900 Bird Shops
MV Group USA closed on June 4, 2020 for the sale in the amount of $3,100,000 of 3,850 SF AT&T & Dunkin Donuts located at 9900 Bird Road & 9901 SW 40 terrace (which is located on the corner of 99 Avenue & Bird Road).
MV Group USA assembled two parcels: 9900 Bird Road (formerly MCCI Medical), 9901 (a parking lot) with an assembled lot size totaling 19,363 SF and both properties were closed on December 21, 2018 through a subsidiary solely owned by Manny Angelo Varas, Flagler Ponce Development LLC in the amount of $900,000. MV then built a ground up new construction 3800 SF retail building as a build to suit.
MV Group was then able to secure and execute a lease with retailer AT&T to occupy 2,000 SF & Dunkin to occupy nearly 1,850 SF of retail. The property was successfully developed in record time. The existing structure were demolished, architectural plans designed and approved, the property was leased and constructed ground up from acquisition to completion. The property was listed by Andrew Pearl of Investment Management Associates for $3,250,000 and the buyer a New York City investor who is relocating to south Florida is being represented by broker Brandon Serota of Rosewood Realty in New York. The buyer closed on June 4, 2020 for $3,100,000 and a loan to City National Bank of $1,850,000 was paid off by the developer. The closing of this transaction representing the seller is attorney Santiago Eljaiek of Marin, Eljaiek, & Lopez.
"We are pleased to have developed this great corner piece in the Bird Road corridor and we are honored to contribute to the ongoing development of the area," said Varas, the project's developer, general contractor and alumnus of Harvard University's distinguished Graduate School of Design.
MV Group is currently developing and under construction on several projects and closed in 2019 on the development of Flagler Ponce Shops for $6,000,000 as well as several of its new developments including in the design district retail property at 4136 N. Miami Avenue for $10,500,000 and its neighboring property 4141 N. Miami Avenue for $10,500,000, all of which were brokered by Tony Arrellano of DWNTWN realty advisors.
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