Press Releases
Marcus & Millichap Facilitates Sale of Leased Retail Condo Beneath Luxury Residences in Coconut Grove
June 25, 2025
MIAMI, June 25, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of newly constructed, 3,281-square-foot Jetset Pilates retail condominium in Miami, Florida, for $3.41 million.
Drew A. Kristol and Kirk Olson, both Senior Managing Directors in Marcus & Millichap’s Miami office, marketed the property on behalf of the seller, Terra. The buyer, Heights Investments E77, LLC, a foreign investor, was procured by Gabriel Miranda of Piquet Realty.
The property is located at 2678 Tigertail Ave. in Coconut Grove, directly beneath the luxury Mr. C Residences, a 231-unit, two-tower development by David Martin’s Terra in partnership with the Mr. C hospitality brand led by fourth-generation Cipriani brothers Ignazio and Maggio. The retail condo includes a new, 10-year triple-net lease with Jetset Pilates, which operates five studios and has multiple locations under development across Southeast Florida and other national markets.
Terra has played a leading role in shaping the luxury residential landscape in Coconut Grove with projects including Grand Bay and Park Grove. The firm also delivered the award-winning Mary Street office building by Touzet Studio, now home to its headquarters. Recently, the firm launched The WELL Residences Coconut Grove, continuing its momentum in the neighborhood.
Drew A. Kristol and Kirk Olson, both Senior Managing Directors in Marcus & Millichap’s Miami office, marketed the property on behalf of the seller, Terra. The buyer, Heights Investments E77, LLC, a foreign investor, was procured by Gabriel Miranda of Piquet Realty.
The property is located at 2678 Tigertail Ave. in Coconut Grove, directly beneath the luxury Mr. C Residences, a 231-unit, two-tower development by David Martin’s Terra in partnership with the Mr. C hospitality brand led by fourth-generation Cipriani brothers Ignazio and Maggio. The retail condo includes a new, 10-year triple-net lease with Jetset Pilates, which operates five studios and has multiple locations under development across Southeast Florida and other national markets.
Terra has played a leading role in shaping the luxury residential landscape in Coconut Grove with projects including Grand Bay and Park Grove. The firm also delivered the award-winning Mary Street office building by Touzet Studio, now home to its headquarters. Recently, the firm launched The WELL Residences Coconut Grove, continuing its momentum in the neighborhood.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
