Colliers South Florida recently closed on the $4.5 million sale of 868 NW 21st Terrace in the heart of Allapattah.
The 45,700-square-foot site is currently home to a 21,840-square-foot warehouse. Colliers’ Mitash Kripalani, Director of Investment Services, represented the seller in the transaction.
The warehouse is strategically located with direct access to major highways and public transit, as well as nearby amenities such as the Health District, Miami International Airport, Downtown Miami, and Brickell.
Allapattah, nestled just west of Wynwood and north of Little Havana along the Miami River, is a booming neighborhood, which has attracted several new retail, industrial and art galleries in the last few years. For example, River Landing Shops & Residences, an 8.14-acre mixed-use development that is transforming the Miami River district, opened in September. The project features a Class A office tower, national retailers, a landscaped Riverwalk and greenspaces offering spectacular views of the Miami River and opening access to the river for residents and visitors. All of this new development is further attracting private investment to Allapattah.
According to the Colliers Q1 Industrial Market Report for Miami-Dade County, asking lease rates increased 1.3 percent quarter-over-quarter, reaching $10.14 per square foot and overall vacancy rate decreased to 4.7 percent. In the coming year, the Miami-Dade County industrial asking lease rate is expected to increase as new quality products are delivered to market and demand continues to grow.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.