Argentine investment firm Grupo Frali closed a progression in Edgewater, Florida, for $12. 4 million, the last piece of an entire block along Biscayne Boulevard.
Grupo Frali purchased the vacant corner lot at 3047 Biscayne Boulevard from Grupo 3-H. Previously, the organization had acquired the other five masses that make up the block for a total of $14. 2 million, resulting in an expanse of about 1. 4 acres stretching from northeast 30th Street to northeast 31st Street, according to asset records.
Previous purchases were made in 2018 and 2019, after Edgewater was designated an Opportunity Zone and began to attract more interest from developers, but before the flood into the community that set off the COVID pandemic.
The Frali Group’s plans for the site are unclear. The company, which is related to the online store Frávega, did not wait to comment.
Francisco Rodriguez and Ovy Anghel of Apex Capital Realty represented the client in the off-market transaction. Grupo Frali had tried to acquire the 3-H property in the past, but the two sides had been unable to reach an agreement on terms, Rodriguez said. “And now they’ve done it. “
The brokerage was also instrumental in closing the sale of the Staples at 2121 Biscayne Boulevard, which is being converted into a Kia showroom.
Chava Gourarie can be reached at cgourarie@commercialobserver. com.
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