ONE Sotheby’s Completes Two Record-Breaking Commercial Transactions

ONE Sotheby’s International Realty’s Commercial Division announced that The Zichelle Team completed two record-breaking commercial sales valued at $17.7 million.
A multifamily building, located at 1023 SW Sixth Court in Miami’s Little Havana sector, traded for $10.7 million, while a commercial property at 3630 NE First Court in Miami’s Design District, sold for $7 million. Both transactions closed on June 2.
The multifamily property, named Miramar Apartments, marks the highest price per square foot of a multifamily residential sale in the Little Havana submarket at $263 per square foot. The previous record was for $247 per square foot for a property at 435 SW 12th Avenue. Comprised of 40,683 square feet, the 44-unit Miramar Apartments was built in 2003 on a formerly vacant site, which has resulted in strong demand from tenant overflow from the Miami Beach and Brickell submarkets. Joseph Zichelle of The Zichelle Team represented both the buyer, Burke Leighton Asset Management, and the seller, Miramar Apartments, LLC.
The 3630 Northeast First Court property, located in the Design District, is the highest price per square foot since 2007 in the area for a commercial sale at $773 per square foot, succeeding the previous record at 4025 Northeast Second Avenue for $473 per square foot. Currently operating as a Kidco Daycare School, the buyer plans to renovate the 9,000-square-foot building to introduce retail to be located on the north corner of the proposed “The District 36” project. Joseph Zichelle and Karla Rodriguez of The Zichelle Team represented the buyer, while Hilda Riano of Nations Home Realty Corp. represented the seller, Kidco.
 

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