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