Douglas Elliman Commercial Sets Record Price For Little River Land Sale

Douglas Elliman Commercial Division Associate and CCIM Miami District Director Mitash Kripalani, CCIM negotiated the sale of Little River Hardware Store, for $2.725 million, or approximately $51 per square foot of land.
The famous green hardware store is situated on a 1.2-acre development site zoned T-6-8, is located at NE 2 Avenue and NW 77th Street,
The 1925-built retail building totals nearly 14,000 square feet.
Kripalani represented the sellers, The Little River Hardware Store and the Laguna Family. The store has served the community from the same location for more than 40 years.
The buyer was represented by Sebastian Scemla with Chariff Realty Group.  The Buyer has not been named due to a confidentiality agreement.
 

“With this being one of just a few remaining 1-acre plus sites for sale in this area, we felt strongly that investors would see it as a great redevelopment opportunity, said Kripalani.”

The property’s location – east of the I-95 exit on 79th Street, west of the Biscayne Blvd. Mimo District and on NE 2 Ave, and just north of trendy neighborhoods like Design District and Wynwood – certainly provided for a unique opportunity.
 

“We were priced right at an asking land price of approximately $50 per square foot,” Kripalani continued.  “Considering land prices in surrounding areas, including Wynwood at an average of about $306 per foot, Biscayne at about $214 per foot, and Design District land prices at well over a $1,000 per foot, Little River is becoming an attractive area for developers to invest.”

The seller hired Kripalani and Douglas Elliman because of their ability to tap into their vast network of high-level developer contacts. The seller was interested in a quick and discreet transaction without disrupting the day-to-day operations of the business. Mitash was able to market the asset within his database of clients and was able to secure interest from multiple investors. Douglas Elliman operates nine offices throughout South Florida, with more than 600 agents.
The transaction marks the latest commercial sale in Little River, where redevelopment is gaining tremendous interest. Recent transactions include the purchase of the old Bank of America building and 178,810-square-foot land parcel for $6.2 million by a California company earlier this year. In addition, a new co-working space, MADE at the Citadel, just opened at 8325 Northeast Second Avenue, a 26,000-square-foot-building that previously served as BellSouth’s headquarters.
 

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