NORTH MIAMI, Fla., July 15, 2014 – 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 North Miami Land Development, 57,997 square feet of land located in North Miami, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,125,000.
Michael A. Mele, a first vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local developer. The buyer, Banner Storage Group, was secured and represented by Sean M. Delaney, a vice president investments in the firm’s Chicago Oak Brook office.
North Miami Land Development is located at 640-685 NW 133rd Street in North Miami, Florida. The property is situated on five parcels of land that have been zoned for commercial self-storage and consists of approximately 1.33 acres, allowing for a footprint up to approximately 46,000 buildable square feet, with a maximum height of 55 feet. This investment also includes 9,500 square feet on 133rd Street and easements in-between the parcels with the right-of-way abandoned.
“This is the first self-storage development site we have sold since before the downturn,” says Mele. “It shows that development is back in a big way in south Florida, particularly in Dade County.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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