Grupo Frali Buys Edgewater Site to Complete Full-Block Assemblage

Argentine investment firm Grupo Frali has closed on a development site in Edgewater, Fla., for $12.4 million, the final piece in a full-block assemblage along Biscayne Boulevard.

Grupo Frali purchased the vacant corner lot at 3047 Biscayne Boulevard from 3-H Group. Previously, the group acquired the five other lots that comprise the block for a total of $14.2 million, resulting in a roughly 1.4-acre site extending from Northeast 30th Street to Northeast 31st Street, according to property records. 

The previous purchases were made in 2018 and 2019, after Edgewater was designated an opportunity zone and was beginning to garner more developer interest, but prior to the rush into the neighborhood that exploded during the COVID pandemic.

Grupo Frali’s plans for the site are not clear. The firm, which is associated with the online retailer Frávega, was not immediately available for comment. 

Francisco Rodriguez and Ovy Anghel of Apex Capital Realty represented the buyer in the off-market deal. Grupo Frali had attempted to acquire the property from 3-H in the past but the two sides couldn’t agree to terms, said Rodriguez. “And, now, they did.”

The brokerage was also instrumental in the nearby sale of the Staples at 2121 Biscayne Boulevard, which is being converted to a Kia showroom.

Chava Gourarie can be reached at cgourarie@commercialobserver.com.