Gridline Properties announced the sale of a unique 28,947 square foot property located at 205 NE 87th Street for $5,425,000 after being vacant for more than 10 years.
Located in Miami’s Upper East Side and within the emerging El Portal Village, the building was formerly home to a Methodist church and school. Gridline Properties’ Principal and Broker Alfredo Riascos represented the sellers, real estate developers Seth Gadinsky of Gadinsky Real Estate, LLC and Samuel Soriero of Group 10 Capital Management, LLC.
The buyer, The Sanctuary LLC, a client of Elm Spring, Inc., plans to adapt the property into restaurant, retail and office space. The transaction was finalized on Friday, March 19.
The sellers acquired the property in 2016 for $3,200,000, and entitled the asset into a mixed-use retail, office and event space building. However, once Miami’s Little River and Upper East Side markets began showing substantial growth, they decided to switch gears and test the sale market – ultimately selling to a client of Elm Spring, Inc. given their intentions to pick up where they left off.
This prominent, mixed-use building, built in 1952, occupies two acres of Miami’s El Portal neighborhood – falling between North Miami and Downtown. Given its distinctive character, this charming church property, once known as the Rader Memorial United Methodist church, offers a main hall (former cathedral) that boasts dramatic high ceilings and 5,000 square feet of open space attached to a two-story structure (former school) that houses more than twenty rooms with perimeter windows and an impressive portico that overlooks the expansive courtyard and garden. The property’s location adds to the appeal of this space with its close proximity to notable Upper East Side landmarks such as The Citadel, MADE, Ebb + Flow and The Vagabond Hotel.
Gridline Properties has been instrumental to the growth of Miami’s Upper East Side, participating in the sale and leasing of projects such as Upper Buena Vista, 55th Street Station and Ebb + Flow amongst other notable projects and transactions.
“This sale further emphasizes the recent growth of the Upper East Side and demonstrates the growing investor demand in the area,” said Riascos. “We are excited to see how the development of this formerly vacant asset continues to uplift and add value to the surrounding area.”
This purchase along with many others, comes at a time of increased interest in the Miami market following a year of extreme uncertainty due to the Covid-19 pandemic.
“2020 brought so much ambiguity to the future of our market. However, the positive sales activity that we’ve seen throughout the first quarter of 2021 has marked a turning point and elevated Miami to one of the most attractive investment markets in the country,” said Riascos.