Press Releases
Marcus & Millichap Brokers $4.23 Million Sale of Development Site in Miami’s Little Havana
August 27, 2025
MIAMI, Aug. 27, 2025 – 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 11,042-square-foot development site in Miami’s Little Havana neighborhood. The asset sold for $4,225,000.
“This was a significant sale for the neighborhood. The property had been owned by the same family for more than 75 years, but unfortunately, it had fallen into disrepair and was no longer contributing positively to the area,” said Jonathan De La Rosa, senior managing director investments in Marcus & Millichap’s Miami office. “The new buyer plans to redevelop the site into a modern retail center, which will further enhance and expand the Little Havana arts and entertainment district.
De La Rosa and Eddie Toledo, senior director investments, exclusively marketed the property on behalf of the seller. The buyer was procured by De La Rosa, Toledo and Marcus & Millichap’s Nicholas Hassan.
“The area is underserved by new retail, and demand from tenants remains strong. Food and beverage operators in particular are driving momentum, with rents now approaching $100 per square foot,” added De La Rosa.
Located at 1220 SW 8th St., the site is situated within the Art & Entertainment District of Little Havana. Formerly home to the iconic Wagon Wheel Motel, the property consists of 16 motel rooms and more than 7,000 square feet of retail space. It is three blocks from the famed Ball & Chain nightclub and Café La Trova, one mile from Brickell, and surrounded by some of Miami’s most visited cultural destinations.
Little Havana attracts an estimated 3 million visitors annually and is among Miami-Dade County’s most densely populated areas, with more than 300,000 residents within a three-mile radius.
“This was a significant sale for the neighborhood. The property had been owned by the same family for more than 75 years, but unfortunately, it had fallen into disrepair and was no longer contributing positively to the area,” said Jonathan De La Rosa, senior managing director investments in Marcus & Millichap’s Miami office. “The new buyer plans to redevelop the site into a modern retail center, which will further enhance and expand the Little Havana arts and entertainment district.
De La Rosa and Eddie Toledo, senior director investments, exclusively marketed the property on behalf of the seller. The buyer was procured by De La Rosa, Toledo and Marcus & Millichap’s Nicholas Hassan.
“The area is underserved by new retail, and demand from tenants remains strong. Food and beverage operators in particular are driving momentum, with rents now approaching $100 per square foot,” added De La Rosa.
Located at 1220 SW 8th St., the site is situated within the Art & Entertainment District of Little Havana. Formerly home to the iconic Wagon Wheel Motel, the property consists of 16 motel rooms and more than 7,000 square feet of retail space. It is three blocks from the famed Ball & Chain nightclub and Café La Trova, one mile from Brickell, and surrounded by some of Miami’s most visited cultural destinations.
Little Havana attracts an estimated 3 million visitors annually and is among Miami-Dade County’s most densely populated areas, with more than 300,000 residents within a three-mile radius.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
