Sunday, February 8, 2015

Marcus & Millichap Brokers Sale of Miami, FL Land Parcel for $5.9 Million


3023 Biscayne Boulevard, Miami, FL

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 3023 Biscayne Boulevard, 20,240-square feet of land located in Miami.

Ryan T. Shaw

The asset sold for $5,900,000 representing nearly $300 per square foot.

Ryan T. Shaw, an associate vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Hollywood, Fla and secured the buyer, a limited liability company from Miami.

“The property's close proximity to luxury condominiums, national retailers, and access to the interstate, makes this a perfect opportunity for a mixed-use project offering high-end residential units and retail space for new national tenants entering the market,” says Shaw.

Located on Biscayne between NE 30th and NE 31st Street, the property consists of two parcels totaling approximately 20,240 square feet. 

The zoning, under Miami 21, is T6-36A-O which allows for the development of 242,880 square feet with a total height of 36 floors. The zoning buildable units is approximately 69 units.

The subject property sits just blocks away from several large development projects. These major projects consist of The Related Groups' Icon Bay, Resorts World Miami, the  Design District, and Midtown.
  
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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