The acquisition includes the iconic five-story, 35,455-square-foot landmark building located at 100 NE 1st Avenue, as well as an adjacent 15,000-square-foot vacant lot.
The property is situated on a corner lot at the high-traffic intersection of 54th Street and N.W. Seventh Avenue, minutes from Wynwood, Downtown Miami, the Design District and Midtown, making it an ideal location for workforce housing.
The leases total nearly 40,000 square feet of space.
The property includes four condo warehouses that range between 6,000 – 8,000 square feet.
The all-cash deal of the property marks one of the largest sales in the Little River Business District.
The assemblage includes three free-standing warehouse buildings totaling 28,306 square feet of renovated industrial/flex space on a 41,026-square-foot lot in the heart of Miami’s Little River Business District.
Gridline Properties represented both sides of the off-market transaction, marking one of the highest price-per-square-foot industrial trades in Palm Beach County.
Gridline Properties’ brokers Alfredo Riascos and Yonatan Missika represented Rilea Group in the off market transaction located at 56 NE 29th Street.
The buyer plans to adapt the property into restaurant, retail and office space.
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