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 670 NW 113th Street, a 12,426-square foot industrial warehouse property located in Miami, Fla. according to Ryan Nee, First Vice President / District Manager of the firm’s Fort Lauderdale office. The asset sold for $2,250,000.
“This sale equates to $181 per square foot, a record setting price for the area,” states Benjamin H. Silver, First Vice President Investments, “We understood prior to marketing the asset that there would be certain buyers who would place a significant premium on its I-95 visibility which is incredibly rare. The biggest surprise was how quickly we were able to source this demand, which came in almost immediately upon going to market.”
Silver and associate Sebastian Misiewicz, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private user/investor, was secured and represented by Evan P. Kristol, Executive Managing Director, Felipe J. Echarte, Senior Vice President, and associate Nicholas McAndrew, also based in the firm’s Fort Lauderdale office.
670 NW 113th Street is located at 670 NW 113th Street in Miami, Fla. The warehouse sits on about 32,210 SF of land all of which is adjacent to I-95. The property is comprised of warehouse space with 19-foot clear heights, two dock height loading doors and gated secure parking field. The property has mixed-use zoning which allows for an array of different uses and a maximum building height of six stories.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.
