The transaction was brokered by Jordan Gimelstein and David Spitz of Koniver Stern Group.
Drew A. Kristol and Kirk D. Olson, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, an affiliate of Lombardi Properties and Bayshore Investment Partners.
The project will comprise 250,000 square feet of retail and 578 affordable senior housing units. Retail tenants Include Target, Aldi, Ross, Five Below and more.
Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood.
“With the vaccine gaining more traction each day, companies are feeling more confident about executing on their growth strategies,” said Azor. “We are now backfilling space vacated during the pandemic with tenants who are willing to make long-term commitments.”
The transactions include two retail and office buildings in South Miami.
The lease deals are an indication that the South Florida retail market is bouncing back faster than expected from the dark days of the pandemic, according to the landlord.
Developed by RedSky Capital, LLC, the property is an 8-story building with approximately 100,000 square feet of office and retail with a verdant rooftop terrace.
Rigl is a senior director with Binswanger-Gateway Partnership in South Miami. Rigl has been serving commercial real estate since 1984. He is experienced in office, industrial, multifamily and land transactions.
The 882,000-square-foot project will include 646 rental apartments and 2,500 square feet of ground floor retail.
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