B
razilian artist Romero Britto has made a significant investment in his company's future by purchasing the headquarters of The Britto Group. For $11.8 million, Britto acquired a 58,000-square-foot art studio at 795 Northwest 72nd Street in Miami's Little River neighborhood. Real estate investor Joe Del Vecchio sold the property to Britto, who plans to use the space for his company's operations.

    The Britto Group creates artwork for various industries, including consumer goods and real estate. Britto's colorful style is well-known, and his company has a diverse range of clients. To secure the purchase, attorney Salomon Bagdadi helped Britto obtain a $9.4 million loan from Ocean Bank.

    Britto previously leased the two-story warehouse, which was purchased by 317 W 795 LLC for $2.5 million in 2017. The Little River neighborhood is attracting attention from other investors, with plans for a massive mixed-use development proposed last year. The project would span 65 acres and include private land, mostly privately financed.

    The Britto Group's new headquarters will serve as the base of operations for the company's various projects, including artwork for consumer goods, retail, and real estate clients.