Marcus & Millichap announced the sale of the fee-simple interest in Cité Retail Shops and Land, 17,897 square feet of retail space located at the base of a six-story Miami condominium building as well as 7,850 square feet (0.18 acres) of developable land.
The asset sold for $10,000,000.
Ronnie Issenberg and Gabriel Britti, vice president investments, in Marcus & Millichap’s Miami office, represented the buyer, a limited liability company from New York City.
“The buyer was attracted to the rare opportunity to purchase prime retail real estate as well as a highly coveted development site located on one of the highest profile corridors in South Florida,” says Issenberg.
“Whereas most local investors shy away from having to deal with mixed-use associations, our client, who owns numerous mixed-use properties in Manhattan, finds value in owning multiple ground floor condo units,” adds Britti. “He can manage the property using a larger economy of scale and shift tenants to different units in the property, based on their needs.”
The retail space is 96 percent leased to Citibank, The Daily Creative Food Co. and seven other popular retailers. The 0.18 acres of developable land has 75 feet of frontage along NE 20th Terrace and is zoned to allow up to 500 units per acre and a maximum height of 36 stories.
The property is located at 2001 Biscayne Boulevard, surrounded by Miami’s trendiest neighborhoods including Midtown and the Design District to the north, Downtown and Brickell to the south and Miami Beach on the east.
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