Press Releases
Marcus & Millichap Sells $2.5 Million Retail Building in Heart of Miami Business District
February 28, 2024
MIAMI, Fl. Feb. 28, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 3,237-square-foot single-tenant retail building in Miami, Florida. The asset sold for $2,500,000.
"The Downtown Miami submarket is slowly but surely seeing a revival. As the density builds up, more tenants are seeking to plant their flags in what seems to be the final missing piece to make Miami a world-renowned city," said Jonathan De La Rosa, senior vice president of investments. "For many years, Downtown Miami lagged behind Brickell, Wynwood, and other submarkets. However, due to its favorable zoning and location, Downtown Miami is ripe for development."
De La Rosa, Eddie Toledo, and Hugo Cardona, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Scanda Property 3, LLC.
“This deal signifies the demand from owner-users seeking to acquire their own properties before the market rents in this area become unfavorable,” added De La Rosa.
Located at 31 N Miami Ave, the building sits in the heart of downtown Miami’s central business district and the diamond district, with artwork by renowned graffiti artist Disem305. Fully remodeled in 2021, the property offers convenient access to Miami’s public transit, including the Brightline, Metro Mover, and Tri-Rail. It is proximate to significant developments in the immediate area, such as the $30 million Flagler Street revitalization project and the $35 million renovation of the Metro Mall.
"The Downtown Miami submarket is slowly but surely seeing a revival. As the density builds up, more tenants are seeking to plant their flags in what seems to be the final missing piece to make Miami a world-renowned city," said Jonathan De La Rosa, senior vice president of investments. "For many years, Downtown Miami lagged behind Brickell, Wynwood, and other submarkets. However, due to its favorable zoning and location, Downtown Miami is ripe for development."
De La Rosa, Eddie Toledo, and Hugo Cardona, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Scanda Property 3, LLC.
“This deal signifies the demand from owner-users seeking to acquire their own properties before the market rents in this area become unfavorable,” added De La Rosa.
Located at 31 N Miami Ave, the building sits in the heart of downtown Miami’s central business district and the diamond district, with artwork by renowned graffiti artist Disem305. Fully remodeled in 2021, the property offers convenient access to Miami’s public transit, including the Brightline, Metro Mover, and Tri-Rail. It is proximate to significant developments in the immediate area, such as the $30 million Flagler Street revitalization project and the $35 million renovation of the Metro Mall.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
