DWNTWN Realty Advisors Completes Sale Of Development Site In Miami’s Design District To Australian Furniture Giant
The site includes an existing 3,224-square-foot retail building and is zoned for development of up to 20 stories.
The site includes an existing 3,224-square-foot retail building and is zoned for development of up to 20 stories.
In the last 30 days, six tenants have opened their doors at the centre, occupying 16,742 square feet of retail space.
The brokerage plans to open two offices in South Florida and two others in Tampa and Orlando.
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.
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