Marcus & Millichap Brokers Sale of Biscayne Boulevard Development Site for $46.7 Million
The company is a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory service
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.