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NY Firm Sells Miami Beach Mixed-Use Building At 40% Loss

Distressed real estate investor ArcPe scooped up a mixed-use building on the previously popular retail strip of Collins Avenue in Miami Beach, paying 41 percent less than the property’s purchase price a decade ago.

Shire Realty sold the three-story building at 826 Collins Avenue for $5 million, according to a news release from the buyer’s broker.

Although the deal comes as distressed sales are expected amid rising interest rates, the Collins Avenue building didn’t trade at a discount because of debt issues. Records show Shire Realty had not taken out a mortgage on the property.

 

Source:  The Real Deal

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