Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Wynwood 310, a 19,891-square-foot building on a 26,475-square-foot lot in the rapidly changing Wynwood market of Miami. The $14.5 million sales price equates to more than $700 per square foot.

“This transaction made sense for everyone involved,” says Jonathan Gerszberg, a vice president investments in Marcus & Millichap’s Miami office. “The seller accessed equity from years of hard work and investment, and the buyer obtained an asset next door to its current development and can now take this property to the next level. It’s a win-win, and we are very excited for our clients.”

Gerszberg, in conjunction with Andy Charry of FIP Realty, represented the seller, a private investor, and the buyer, an investment group from New York.

The property is two blocks from Mana Wynwood, a 23.5-acre, nearly 10-million-square- foot redevelopment site that will feature multifamily housing, retail and office space, art galleries, museums and exhibition spaces, and a conference center.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com