Sunday, January 24, 2016

$3.6 million sale of two land parcels in Miami's Buena Vista submarket arranged by Marcus & Millichap

Scott C. Sandelin
 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 a redevelopment opportunity consisting of two land parcels and totaling 26,068-square feet. The asset, which is located in the Buena Vista submarket of Miami, sold for $3,600,000.

Scott C. Sandelin, a vice president investments, and Jonathan De La Rosa, an associate, both in Marcus & Millichap’s Miami office, represented the seller, Matthew Gissen, and the buyer, a Miami-based partnership.

The offering included two parcels on the corner of 49th Street and Northeast 2nd Avenue comprising 12,368-square feet of land. Currently the front parcel which fronts Northeast 2nd Avenue has a 7,489-square foot structure which was once a rehabilitation facility.

“Trading at $242 per square foot, the sale of 4900 NE 2nd Avenue represents a record breaking price for land in the Buena Vista market,” says De La Rosa. “The buyer was able to acquire one of the last remaining undeveloped pieces of land north of 20,000 square feet.”

“Presently, there are four new projects proposed or being developed in Buena Vista on Northeast 2nd Avenue. Due to its close proximity to the Design District and low inventory, investors from across the world have found interest in this small pocket of retail,” adds Sandelin. “The immediate area is slated for roadway and streetscape improvements that will allow the small mixed-use pocket to emerge from the reconstruction as a coveted corridor.”

The land parcels are located at 4900 NE 2nd Avenue and 185 NE 49th Street in Miami.

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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