Commercial space at new 1010 Brickell condo sells for $10.5M

November 07, 2017, Author: Brian Bandell, South Florida Biz Journals

Mattoni Group acquired the ground floor commercial space at the new 1010 Brickell condo in Miami.

The 11,252 square feet of commercial space was sold by 1010 Brickell Holdings, a joint venture between developers Key International and 13th Floor Investments, to 1010 Matto Commercial, an affiliate of Mattoni Group, led by Ricardo Caporal. The price equated to $933 per square foot.

The 50-story tower was recently completed at Brickell Avenue and Southwest 10th Street. Its 389 condos have mostly sold out. It’s near a Metro Mover station, an elevated system that circulates people throughout downtown.

Retail tenants have yet to be announced.

According to the third-quarter report from Colliers International South Florida, the asking rate for retail space in the Brickell submarket was $61.23 per square foot, although the vacancy rate was fairly high at 21.1 percent due to a lot of recently completed projects.