Commercial real estate investment services firm Marcus & Millichap (NYSE: MMI) announced the sale of 2916 North Miami Ave., a 23,490-square-foot corner lot in the Wynwood submarket of Miami.
The asset sold for $11.5 million.
“The property is located at the hard corner of North Miami Avenue and 29th Street along the main artery that leads from Biscayne Boulevard to Wynwood,” says Scott C. Sandelin, a vice president investments in Marcus & Millichap’s Miami office. “With numerous new commercial and multifamily developments in the pipeline, this part of Miami’s urban core is on track to become the most densely populated and heavily commercialized region in the area.”
Sandelin and Jonathan De La Rosa, an associate, also in the Miami office, represented both the seller, a South Florida limited liability company, and the New York-based buyer, Aron Rosenberg.
In March, Sandelin and De La Rosa facilitated the $6.5 million sale of the neighboring 25,265-square-foot parcel located at 2994 North Miami Ave. Together, the parcels total 48,790 square feet.
Prior to bringing the properties to market, architect Kobi Karp was engaged to create a vision for their future.
2916 North Miami Ave. is across from the Midtown Walmart development site and two blocks from The Shops at Midtown Miami. Currently, the parcel has a 5,262-square-foot structure, which formerly operated as a truck repair shop.
“This is the buyer’s fourth acquisition on North Miami Ave,” adds De La Rosa. “The City of Miami recently approved up-zoning in Wynwood that changes the property’s zoning from T5-O to T6-8-O and provides many options for redevelopment. The purchaser plans to develop a large-scale, mixed-use project on the two recently purchased sites.”
Sandelin and De La Rosa also have 2000 North Miami Ave., a redevelopment opportunity consisting of four land parcels totaling 1.44 acres, listed for sale at $25.2 million.
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