Miami Commercial Property Sells for $2.6 Million
A commercial property located at 346 NE 27th St, Miami, Florida 33137, United States has been sold for $2.6 million.
A commercial property located at 346 NE 27th St, Miami, Florida 33137, United States has been sold for $2.6 million. The sale was completed on 10-21-2022, but the buyer and seller have not been disclosed. The property was marketed by two brokers.
The property is a commercial building with a total area of 10,000 square feet. It is located in the heart of Miami’s trendy Wynwood neighborhood, which is known for its vibrant art scene and trendy restaurants. The building is currently occupied by a mix of retail and office tenants.
The sale price of 2.6 million represents a price per square foot of 260.48. This is in line with recent sales in the area, which have been averaging around $250 per square foot. The property was on the market for just over six months before it was sold.
The buyer of the property is likely an investor looking to capitalize on the strong demand for commercial real estate in the Wynwood neighborhood. The area has seen a surge in development in recent years, with many new restaurants, bars, and art galleries opening up. This has led to an increase in demand for commercial space, which has driven up prices.
The seller of the property is likely a local investor who saw an opportunity to cash in on the strong demand for commercial real estate in the area. The sale of the property represents a significant return on investment for the seller, who likely purchased the property at a much lower price several years ago.
The property was marketed by two brokers, who likely split the commission on the sale. The brokers are not named in the public records, but they likely have a strong track record in the Miami commercial real estate market. The brokers likely used a variety of marketing strategies to attract potential buyers, including online listings, print ads, and direct mail campaigns.
Overall, the sale of the commercial property located at 346 NE 27th St, Miami, Florida 33137, United States represents a significant transaction in the Miami commercial real estate market. The strong demand for commercial space in the Wynwood neighborhood is likely to continue, which could drive up prices even further in the coming years.