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Mattoni Group closes on commercial units at 1010 Brickell

Key International and 13th Floor sold two units for $10.5M
Nov. 7, 2017

The developers of 1010 Brickell just sold two commercial units to Mattoni Group for $10.5 million, property records show.

Mattoni put the units under contract about three years ago, president Ricardo Caporal said. They total 11,283 square feet with an additional 1,976 square feet of outdoor space. Mattoni secured leases with the Halal Guys of New York City, an undisclosed national tenant and an undisclosed local restaurant, Caporal said. A 3,346-square-foot space is still available for lease.

Asking rents for the four units averaged about $100 per square foot, triple net. Comras Company’s Michael Comras , Jonathan Carter and Spencer Young represented Mattoni in the leases.

“Our plan is to create a triple-net credit tenant environment and hold it for a very long time,” Caporal said. Retail and restaurant rents in the Design District and on Lincoln Road are much higher, he added.

“We still think there’s a lot of rent growth in the area,” Caporal said.

Key International and 13th Floor Investments delivered the 50-story, 389-unit condo tower in August at 99 percent sold. They also recently paid off the $75.7 million construction loan, according to a spokesperson.

Katherine Kallergis

Read more at https://therealdeal.com/miami/.