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