MV Group USA Closes on the Sale for $6,000,000 for the Newly Developed Flagler Ponce Shops
MIAMI--(BUSINESS WIRE)--May 17, 2019--
MV Group USA announces the closing of the sale in the amount of $6,000,000 for 13,000 SF Dollar Tree & My Eyelab located at 3631 W. Flagler Street (which is located on the corner of Ponce de Leon Blvd & West Flagler Street).
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Manny Angelo Varas, President and CEO MV Group USA (Photo: Business Wire)
MV Group USA assembled three parcels: 3631 (formerly Wellmax Medical), 3633 (a parking lot) & 3635 (formerly Revoltosa) with an assembled lot size totaling 23,813 sf and all three properties were closed on March 24, 2016 through a subsidiary solely owned by Manny Angelo Varas, Flagler Ponce Development LLC in the amount of $2,400,000.
MV Group was then able to secure and execute a lease with corporate national retailer Dollar Tree to occupy 10,000 SF & My Eyelab to occupy nearly 3,000 sf of retail. The property was successfully developed in record time. The existing structures were demolished, architectural plans designed and approved, the property was leased and constructed ground up from acquisition to completion. The property was listed by Tony Arrellano and Rayza Perez of Dwntwn Realty Advisors for $6,300,000 and closed on May 9, 2019 for $6,000,000. The developer had a loan with BB&T bank for $3,180,000.
“We are thrilled to have developed this great property as it will further define the growth and appeal of the Flagler Ponce corridor,and we are honored to contribute to the ongoing development of the area,” said Varas, the project’s developer, general contractor and alumnus of Harvard University’s distinguished Graduate School of Design.
MV Group is currently developing and under construction on a new retail center on 9901 Bird Road which shall be a Dunkin Donuts & AT&T wireless center and has recently sold several of its new developments including in the design district retail property at 4136 N. Miami Avenue for $10,500,000 and its neighboring property 4141 N. Miami Avenue for $10,500,000, both of which were brokered by Tony Arrellano of DWNTWN realty advisors.
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MV Group USA -Mercedes Gonzalez firstname.lastname@example.org
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: DISCOUNT/VARIETY RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: MV Group USA
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PUB: 05/17/2019 01:50 PM/DISC: 05/17/2019 01:50 PM