The former Miami office of Edgardo Defortuna’s Fortune International Realty sold for $7.8 million.
An entity managed by Walter Defortuna, a member of the Miami-based firm’s board of directors, sold the building at 2401 Douglas Road, records show.
The buyer is Javelin Investors, which will lease the building to a new tenant for now, but is eyeing redevelopment of the property in the long-term, according to a source. Current zoning allows for an eight-story building to replace the existing two-story building, but it is yet to be determined if it would be purely office or mixed-use.
Cesar Molina of Fortune International Realty represented the seller in the off-market deal. Renier Casanova of Compass represented the buyer.
Fortune International Realty planned to move the office to a “better location” in the Coral Gables area since the pandemic began and will announce a new office soon, Edgardo Defortuna said in a statement. “We had the opportunity to sell a real estate asset at a great price while taking advantage of low capital gain taxes,” he said.
The firm operated the Douglas Road office for roughly 15 years, according to Casanova. Employees moved to the existing Brickell office in the fall of 2021.
The two-story, 14,556-square-foot building was built in 1971 on 0.6 acres, property records show. It has an Art Deco-like design.
The building is close to Coral Gables and just east of the massive Plaza Coral Gables project underway at 2901 Ponce de Leon Boulevard.
Fortune International Realty is the brokerage arm of Fortune International Group. It was founded in 1983 to manage the sales and management of Fortune’s first project, Jade Brickell. Fortune International Realty now has 18 U.S. and international locations, according to its website.
Fortune International Group also has a development arm, known for its Jade brand, as well as sales and leasing divictions, according to its website. Edgardo Defortuna is the founder.
In May, Fortune International Group teamed up with Shahab Karmely’s KAR Properties for a bulk purchase of 81 units at the Reach and Rise condominium at Brickell City Centre.