MMG Equity Partners has acquired a corner parcel in the Town Center Zone of North Beach, Miami Beach. The property was sold by Dabby Properties.
The deal, valued at $3,875,000, was brokered by Skyler Marinoff of DWNTWN Realty advisors and Alex Rich of Rich Commercial Group.
The purchase of 601 71st Street, a 12,625-square-foot corner lot with two existing retail buildings, is adjacent to MMG’s existing holdings at 621 71st Street, giving the Buyer 37,500 square feet of contiguous land and a full block front on 71st Street, the main artery of the Town Center Zone.
“The Buyer’s acquisition gives them enough land to have a viable redevelopment opportunity in the future given the development friendly zoning in Town Center. Most of Town Center has already been consolidated and this was one of the last available infill parcels,” said Marinoff.
North Beach Town Center was rezoned in recent years to allow for increased density and height limits to spur redevelopment. Town Center revolves around 71st Street which connects to the 79th Street Causeway. Existing assemblages to be developed include those by Finvarb, Matis Cohen and Russel Galbut and Pacific Star Capital.
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