Marcus & Millichap Arranges the Sale of a 44,000-Square-Foot of Land in Miami
MIAMI, April 25, 2022 – 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 279 NE 79th Street, a 44,000-square-feet lot in Miami, Florida. The property sold for $6 million or $136 price per square foot on land ($40,000 a unit).
“The Little River market of Miami is the New Frontier; this is where everyone is going to want to be, for many reasons. There are several sites under contract right now and this was the first to close,” said Ryan T. Shaw, first vice president of investments in Marcus & Millichap’s Miami office.
Shaw, Jose Fernandez, Quinn Sousa, and Shelly Argy had the exclusive listing to market the property on behalf of the seller, Leocavlaundry LLC. The property was purchased by the AIDS Health Foundation.
The retail covered land lot is T6-8 zoned, allowing for 151 units per acre, up to eight floors. The development offers 220,000 buildable square feet with 25% additional buildable footage.
The property is situated minutes from Wynwood, Design District, the MiMo District, and Magic City Innovation District, the multi-use, 18-acre mega-development in Little Haiti. The corridor of NE 79 Street allows easy access to major thoroughfares, including I-95 and US-1 (Biscayne).
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.