Metro 1 Commercial has sold two multi-parcel sites in Miami for a total of nearly $8.5 million.
The first site, a multi-parcel site located at 346 NE 26 Terrace, is a prime development site on Biscayne Blvd. in the hot Edgewater submarket. The 47,415 square foot parcel sold for $7.6 million, or approximately $160 per square foot. The property was sold by Mecca LLC to an undisclosed buyer, who is planning to develop an office building on the site.
Metro 1 Commercial’s Peter Andolina and Tony Cho represented the buyer in this transaction.
Edgewater, which has been labeled as Miami’s next trendy district, is experiencing a real estate explosion and land prices are soaring as a result. The submarket stretches from Northeast 17th Street north to the Julia Tuttle Causeway at 36th Street and from Biscayne Bay west to the railroad tracks. Edgewater’s big draw, of course, is the bayfront. And the area borders trendy Wynwood and the Design District, which is basking in its own glow thanks in part to DACRA’s venture to bring in luxury retail icons like Louis Vuitton and Hermes.
“Edgewater has become one of the most relevant submarkets in the county. Its spectacular views of Biscayne Bay alone make it a top residential destination. Its proximity to the Design District, Wynwood and Midtown only bolster its appeal,” said Andolina, Executive Director with Metro 1.
Miami-based Related Cos. recently paid $29 million for a prime site at Northeast 31st Street, land that sold in 2012 for $11.5 million. Related plans to erect a high-rise condominium on the spot. Related also broke ground a couple of months ago on Icon Bay, a luxury condominium at 428 NE 28th St. The developer launched pre-sales of units last September and is now virtually sold out.
Melo Group also has a keen interest in the revitalized neighborhood, with seven condominium and apartment projects lined up in the area.
The second site that was sold is also a multi-parcel property located at 4920 NE 2 Avenue in the Buenavista neighborhood, just north of Miami’s Design District.
The site was sold for $890,000. The undisclosed buyer is also planning to develop a mixed-use project on the 25,437 square foot site.
Peter Andolina and Tony Cho represented the seller in this transaction.
Metro 1 Commercial has completed more than $150,000,000 in transaction volume in over 185 transactions totaling over 750,000 SF in the past 12 months. Significant land development sales include:
- 700 NE 26 Terrace,a 12-story apartment building with a high potential for redevelopment, which sold for $10.9M in August, 2012
- 230 SW 3 Street, a 69,000 SF parcel, which sold for $4.6M in March, 2013
- 737 NW 2 Avenue, a 65,000 SF parcel, which sold for $2.9M in April, 2013
Andolina is a seasoned executive with a vast experience in land sales throughout Miami’s Urban Core. His past sales include the former FECR railroad site that is now Midtown Miami, the Quantum site in Edgewater, Paramount Bay, New Wave, Bay Lofts, and Yorker.
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