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| 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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