A North Park mixed-use retail/residential property sold for $3.85 million. The property at 3074-3080 University Avenue was acquired by The U, LLC.
The property was sold by Fanani John Trust (02-12-92); Fanani June Trust (02-12-92) who have owned and operated the asset since 2001. Tommas Golia, Anthony Goros, Colton Speas and Jason Vieira represented both the buyer and seller.
Totaling 9,971 square feet, the building consisted of three ground floor retail units and seven second floor residential units.
“This strong value add opportunity was highly attractive to the buyer who is looking to capitalize on the property’s superior North Park location,” Speas stated. He also mentioned how the University corridor has been rebounding strongly during the aftermath of the COVID-19 pandemic and that they have been seeing an uptick in market activity from both buyers and tenants.
Property Type: North Park Mixed-Use Retail/Residential
Square Footage: 9,971 SF Building on 6,089 SF Lot
Sale Price: $3.85 Million
Seller Name: Fanani John Trust (02-12-1992)
Buyer Name: The U, LLC