Marcus & Millichap Brokers Sale of Biscayne Boulevard Development Site for $46.7 Million

Marcus & Millichap (NYSE: MMI) helped finalize the sale of 3333 Biscayne Boulevard, a 2.91-acre development site located in the Edgewater neighborhood of Miami. The 2.80-acre site is located on an entire city block, selling for $45 million and a 0.126-acre corner parcel located at 440 NE 34th Street sold for $1.7 million in a separate transaction to Aimco.

“This sale reflects the continued bullish investment in South Florida by out-of-market buyers who have earmarked South Florida as their primary growth market. Within South Florida, Edgewater continues to be a submarket receiving much attention from developers and investors to place capital,” Landy Toledo says, first vice president investments in Marcus & Millichap’s Miami office. 

The transaction follows Marcus & Millichap’s recent sale to Aimco of the adjacent Hamilton on the Bay multifamily assemblage. Toledo had the exclusive listing to market 3333 Biscayne Boulevard on behalf of the seller, Miami Sunrise Properties LLC, managed by Camila Koelbl in Key Biscayne. The property was purchased by the Beitel Group of Brooklyn, New York.

The asset is one of the largest remaining mixed-use development sites in the Edgewater District. The block stretches from Biscayne Boulevard to NE 5th Avenue, between NE 33rd Street and NE 34th Street. The T6-36A-L/T6-36a-0 zoning allows for mixed-use development, including residential of up to 60 stories, hotel, office and commercial/retail.

The assemblage is strategically located within half a mile of Miami’s Design District, within one-third of a mile of the 645,000-square-foot Shops at Midtown Miami, and within 1.5 miles of cultural attractions, including the Adrienne Arsht Center, Pérez Art Museum Miami (PAMM), Phillip and Patricia Frost Museum of Science and FTX Arena American, formerly known as the American Airlines Arena. Comprised of 11 parcels, 3333 Biscayne Boulevard includes a Wendy’s restaurant, three apartment buildings and several single-family homes on short-term leases.

As of December 31, 2021, Marcus & Millichap, Inc. 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 closed 13,255 transactions in 2021, with approximately $84.4 billion in sales volume.

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Drew Limsky

Drew Limsky



Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.