Friday, January 9, 2015

Marcus & Millichap arranges sale of foot locker building in Miami, fl for $7.6 million

  
Flagler Street Foot Locker Building, 34-38, 42-44 East Flagler Street, and 41-43 SE 1st Street,
Downtown Miami, FL


Ryan T. Shaw
 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 Flagler Street Foot Locker building, a 32,838-square foot, two-story building with ground floor retail located on 17,400-square feet of land in Miami. The asset sold for $7,600,000.

Ryan T. Shaw, a senior associate in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Massachusetts.  The buyer is a limited liability company from New Jersey.

The offering consisted of three parcels which encompass the buildings located at 34-38, 42-44 East Flagler Street, and 41-43 SE 1st Street. 

 “This was an excellent redevelopment opportunity in middle of downtown Miami’s central business district. Neighboring properties include Macy's department store, Miami-Dade County Courthouse and the Seybold Building Diamond Center.

Miami Downtown People Mover
Miami's Downtown People Mover station is one block away and several new residential projects and new retailers - including Whole Foods - will benefit the CBD redevelopment,” says Shaw.

The property allows for possible high-rise redevelopment under Miami 21 zoning of T6-80-O. 

This allows for 1,000 units per acre, which equates to approximately 385 units with 403,200 buildable square feet and a max height of 80 floors.

Flagler Street Foot Locker is located at 38 East Flagler Street in Miami, Fla.


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

Kirk A. Felici
First Vice President/Regional Manager
Miami, FL
(786) 522-7000

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