Miami

Orion Real Estate Group and Limestone Asset Management have purchased the 94,175-square-foot retail and office property, located on a 225,255-square-foot site in Pinecrest, FL.

"We believe in downtown," said Carlos Melo, a principal in the Melo Group. "For us, it is not only the units. It is to bring something more to our communities where people can start enjoying where they live. It is the people who are the soul of the neighborhood."

James Chung launches the Econic Co., the latest in a string of bespoke brokerage firms to launch since the start of the pandemic.

Shorenstein Properties is the seller of the 330,000-square foot property.

The industrial property comprises two recently-built buildings, which are 100% pre-leased to five tenants.

The firm was originally set to acquire the $50.8M apartment community one year ago, prior to the nationwide lockdown.

The property is located one block from the beachfront, has inherent property air rights allowing for future redevelopment options, and is within walking distance of several high-end hotels and multimillion-dollar condominiums.

By accepting Bitcoin, the seller is tapping into a unique group of investors that want access to a high-barrier-to-entry market.