Avison Young Secures Highest Price PSF YTD For Land/Building In Miami’s Wynwood
The sale consists of three folios totaling 13,000 square feet of land, with the southernmost folio hosting a 3,111-square-foot single-story building.
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The sale consists of three folios totaling 13,000 square feet of land, with the southernmost folio hosting a 3,111-square-foot single-story building.
Avison Young’s Michael T. Fay and his team – John K. Crotty, David Duckworth, Brian C. de la Fé, and Berkley K. Bloodworth are spearheading the sale, pro bono.
The office building represents McGuire Development Company’s first Southeast Florida acquisition.
Avison Young’s Florida Capital Markets Group negotiated the sales.
Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood.
At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.
The transactions include two retail and office buildings in South Miami.
Avison Young’s John K. Crotty, CCIM, Michael T. Fay, David Duckworth, Brian C. de la Fé, and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Hersha Hospitality Trust.
The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.
The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.