Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 39,140-square foot development site located on Douglas Road in Miami. The asset sold for $3,325,000.
“This was a very competitive deal,” says Dave Heaslip, an associate in Marcus & Millichap’s Miami office. “We leveraged our firm’s platform and national network of buyers to generate multiple full price offers immediately after going to market. We ultimately closed above list price with a local buyer.”
Heaslip and Alex D. Zylberglait, a senior vice president investments also in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami. The buyer, a Miami-based partnership, was secured by Jonathan De La Rosa, an associate in the Miami office.
“The buyers understood the tremendous redevelopment potential of the property and the attractive T6-8-O zoning. The zoning allows for construction of up to eight stories and 110 units,” adds De La Rosa.
Located at 61 NW 37th Ave., the property is situated directly on Douglas Road just minutes from the Miami International Airport and the Dolphin Expressway. The property currently contains a 4,750-square foot vacant restaurant and a 1,300-square foot office building.
“With very limited new residential and retail/office inventory in the immediate area, this project is positioned to be well received and strongly sought after by residents and tenants alike,” states Zylberglait.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
