A retail space in Miami’s Design District has sold for $5.25 million, according to Metro 1 Commercial, which represented the seller in the transaction.
The property, which is located at 10-28 NE 40th Street, has a 5,000-square-foot outdoor restaurant and an adjacent 5,500-square-foot indoor nightclub/lounge area.
President and CEO Tony Cho and Tony Arellano, commercial sales director, handled the deal for Metro 1. “The Design District continues to maintain its position as a top-shelf investor market,” Cho said. “While all eyes are on the Design District, investors and high-end fashion brands have quietly turned their attention to adjacent emerging urban core markets including the Biscayne Corridor, Wynwood and Midtown, where we’re seeing lease rates continue to rise.”
At a meeting hosted by CIASF last week, Steve Gretenstein, Chief Operating Officer of Dacra, outlined the company’s masterplan to turn the district into a high-end fashion retail destination. Recent deals shared at the meeting suggested that buildings within the design district are being purchased for as much as $1,200 per square foot.
Source: The Real Deal
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