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Press August 19, 2015

Spider adds to Edgewater portfolio with new assemblage

Properties last sold between 2010 and 2015 for a combined $4.4M

Spider Ventures, a Miami-based real estate company, has added to its Edgewater portfolio with a 0.61-acre assemblage, The Real Deal has learned.

The $4.4 million acquisition totals 27,000 square feet at 113 and 123 Northeast 25th Street. The purchase, which closed on Friday, marks the firm’s third land acquisition over the past six months, and brings its portfolio of land in Miami and Miami Beach to more than 147,000 square feet, according to a press release.

The sale consists of one multifamily building on a 20,250-square-foot lot and an adjacent single-family home on a 6,750-square-foot lot, according to Miami-Dade County property records. The apartment building, at 123 Northeast 25th Street last sold for $101,000 in 2010, while the single-family home last sold for $375,000 in April. Spark purchased the properties through its Edgewater Excalibur LLC, records show.

In July, Spider developers Andres Goldenberg and Alejandro Eskenazi launched Spark, a planned 27-story, 56-unit tower in Edgewater designed by Behar & Font. The condominium will be located at 522 Northeast 34th Street. The company also acquired 22,000 square feet on Harding Avenue in Miami Beach’s North Beach neighborhood earlier this year for $5 million.

“We are committed to be a strategic residential real estate investor and developer which helps to positively shape the future of Miami’s burgeoning markets,” Goldenberg said in a statement.

Source: Katherine Kallergis | www.therealdeal.com


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