Sunday, December 27, 2015

Marcus & Millichap arranges sale of 8,460-SF development site in Miami, FL for $1.35 million

Alex Zylberglait
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 3070 SW 38th Court, an 8,460-square foot land parcel located in Miami. The asset sold for $1,350,000.

Alex D. Zylberglait, a senior vice president investments, and Dave Heaslip, an associate, both in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Coral Gables, Fla.

“This submarket is experiencing high population growth and property values are appreciating,” says Zylberglait.

“The high demand for available properties in the area translated into an excellent selling price for the seller and a tremendous investment opportunity for the buyer,” adds Heaslip.

Located near the intersection of SW 40th Street (Bird Road) and Ponce De Leon Boulevard in Miami, the property is zoned commercial (T6-12-O) which allows for the construction of office, retail, and multi-family structures of up to 12 stories in height. The property currently contains a 6,000-square foot office/industrial warehouse building.

3070 SW 38th Court is located just steps away from a newly completed mixed-use condominium and office/retail development site as well as a new multifamily development, Aviva Coral Gables. It is also near the Miami International Airport and the Dolphin Expressway - providing easy access to downtown Miami and Miami Beach.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici
First Vice President/District Manager
 Miami, FL

(786) 522-7000

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