Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it is exclusively listing for sale a redevelopment opportunity in Miami’s Design District. The offering is a vacant building with 7,642 square feet of gross leasable space situated on 11,750 square feet of land on North Miami Avenue. The price is $11 million.
“The property is zoned T5-O, which is an ideal classification for a number of uses, including art gallery/studio, restaurant, hotel, retail store or lounge,” says Scott Sandelin, first vice president investments in Marcus & Millichap’s Miami office. “Kobi Karp Architecture has designed an upscale mixed-use retail/restaurant concept for the building that increases the square footage of the property to 9,326 square feet by utilizing the upper roof level as an outdoor patio area.”
“This is an amazing site for an investor looking for an adaptive reuse opportunity in one of the most attractive retail submarkets in Miami,” adds Jonathan De La Rosa, senior associate. “With today’s retail rents inside the Design District having breached $300 net per square foot, many tenants are seeking to position themselves in the neighborhood yet would prefer to avoid paying staggering rental rates. On North Miami Avenue, we’ve seen triple-net leases executed at $85 per square foot, which is more sustainable for local or national tenants.”
Sandelin and De La Rosa are representing the seller, a private limited company.
Constructed in 1948, the building is located on a corner lot at 4030 N. Miami Ave. in Miami.
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
