Marcus & Millichap Brokers Sale Of Miami Retail Asset Held For More Than 30 Years
Jonathan De La Rosa, senior managing director of investments in Marcus & Millichap’s Miami office, procured the buyer in the transaction.
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Jonathan De La Rosa, senior managing director of investments in Marcus & Millichap’s Miami office, procured the buyer in the transaction.
C. Todd Everett arranged the sale on behalf of both the buyer and seller.
The 235,000-square-foot property sold for approximately $372 per square foot.
The 689,940-square-foot portfolio consists of 20 warehouse buildings located in the Medley submarket.
The project will include 2,500 square feet of ground-floor retail, 380 parking spaces and a mix of studio to three-bedroom residences.
Groden worked on behalf of the buyer, Jon Samuel of Midtown Group, in the sale from Realty Income. Palm Beach County has plans to occupy the property.
The sale price breaks down to approximately $417 per square foot.
This development is part of a strategic expansion of MMG’s portfolio into the residential sector. Widely regarded for its success in retail real estate, MMG is leveraging its expertise to create environments that seamlessly integrate commercial and residential uses.
The six-parcel assemblage forms a contiguous development site located in Miami’s Arts & Entertainment District. and is one of the last collections of undeveloped parcels in Miami’s urban core.
The deal illustrates investor appetite for Build-to-Rent (BTR) product in land-constrained South Florida.
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