Scott Sandelin, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a partnership between MMG Equity Partners, Mouhalis Capital Management, and GW Properties. Sandelin also procured the buyer.
The multifamily property is located to the east of Biscayne Boulevard, making it one of the few rental buildings located east of US-1. Additionally, Florida International University’s Biscayne Bay Campus is within walking distance, and the property is near several mixed-use developments in the area.
The development encompasses three contiguous properties that span 49,000 square feet.
The two-building, 74,103-square-foot industrial asset sold for $12.4 million.
The site spans 50,782 square feet on a 1.17-acre plot in Little Havana.
The buyer is affiliated with Florida East Coast Realty.
“The exceptional 22-acre hard corner location provides new ownership with the potential to add additional outparcels and develop up to 225 units of multifamily housing.”
Alex Sacks, Andrew Margulies, Frank Roti, Brett Rodgers and Harrison Creason, investment advisors at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private limited liability company. Ryan Nee, Broker of Record in Florida, assisted in closing the transaction.
Jonathan De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, represented El Car Wash and procured the buyer, a personal trust.
Leo Reilly and Robert Hunter, investment specialists based in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller.