MIAMI — Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property.
Developed in 1986, the 31,000-square-foot, multi-tenant property features ground-floor retail space and three floors of offices, as well as on-site structured parking. Vacant at the time of sale, the property most recently housed the Academy of Arts & Minds charter school. Miquel Alcivar, Dominic Montazemi, Scott O’Donnell, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller in the deal.