Biscayne Plaza II

Biscayne Plaza is the retail component of a residential condominium, located on the ground level offering direct exposure to Biscayne Blvd in Miami’s thriving Edgewater District.

At the time of Cervera Real Estate Ventures (C-REV) acquisition, Edgewater was on the cusp of revitalization. Recognizing the increasing demand for retail services to support the influx of new condominiums and apartments, C-REV identified this asset as an ideal opportunity for retail and service providers.

When C-REV purchased the asset, it was 70% vacant, representing the last unsold portion from the developer, as all residential units had been sold. Seizing the moment, C-REV acquired the asset at a significant discount, capitalizing on its high vacancy and the developer's desire to divest.

Once under C-REV’s ownership, the company implemented its proven business model, focusing on increasing income and value. Within the first year, Publix Supermarket announced plans for a new location directly adjacent to Biscayne Plaza, alongside several other developments that began and completed during this period. As a result, Biscayne Plaza achieved 100% occupancy within 18 months of acquisition, welcoming Chase Bank as its anchor tenant.

With increased income and full occupancy, C-REV secured financing and successfully recaptured 100% of its original equity. Several years later, timing the market perfectly, C-REV sold the asset for $15,450,000 and utilized a tax deferment vehicle known as a 1031 exchange to acquire a new property.

Purchase Price: $6,500,000
Sale Price: $15,450,000