A warehouse located on the corner of North Miami Avenue and 71st St. in Little River has sold for $10.4 million. The sale, which was brokered by Tony Cho's Metro 1, a leading real estate brokerage, management and development firm, includes a 49,000 SF warehouse on 77,000 SF of land. The property is currently at 84% occupancy, housing a variety of creative and entrepreneurial tenants. Metro 1’s CEO and Founder Tony Cho, Vice President of Metro 1 Commercial Andres Nava and Sales Associate Jack Conrad brokered the deal on behalf of both buyer and seller. The buyer, 7101 N Miami Ave LLC’s Manager John Matthews, was represented by attorneys James Marx and Steven Rosenthal of Marx Rosenthal PLLC.
“We are extremely pleased with our acquisition in Miami and could not be happier with Metro 1. Their vision for the area excites us and we are looking forward to contributing in a positive way,” said John Matthews.
“Miami’s Upper East Side is quickly gaining traction with investors from around the country,” said Cho. “We were among the first organizations to focus on this area and although the change is just now getting started, it’s really night and day. What’s really motivating is that we’re seeing demand from people interested in preserving and advancing the area’s existing personality. They like what they see and want to help the entire neighborhood reach its full potential.”
The transaction comes only a few weeks after Metro 1 announced the start of commercial leasing for the nearby Magic City Innovation District (MCID), a highly anticipated 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods. Spanning six city blocks, MCID intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a quality life.