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 128 NE 1st Avenue, a three-story, 12,585-square-foot property in the heart of downtown Miami, Florida. The property sold for $4.7 million.
“Miami, as a whole, is continuing to emerge as a global hub for major investment opportunities. The downtown market has been attracting investors worldwide to get in on the action,” said Brandom Holmes, associate. “We received multiple offers on the property, and it was ultimately acquired by a European buyer.”
Jonathan De La Rosa and Brandon Holmes, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Rene Rosa. Kai Liebert purchased the property.
The property is just minutes from Miami World Center, American Airlines Arena, Adrienne Arscht Center, and Brickell City Centre with easy access to Brightline Fort Lauderdale station and Miami Avenue MetroMover station. The current zoning (T6-80-O) would allow for construction of up to 80 stories. At the time of sale, the property was owner-occupied. According to the team, the new owner plans to renovate for an adaptive reuse project.
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, 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.
