The Real Deal Miami

Design District retail space sells for $5.3M

April 25, 2012 11:15AM

10-28 NE 40th Street

A retail space in Miami’s Design District has sold for $5.25 million, according to Metro 1 Commercial, which represented the seller in the transaction. The property, which is located at 10-28 NE 40th Street, has a 5,000-square-foot outdoor restaurant and an adjacent 5,500-square-foot indoor nightclub/lounge area. President and CEO Tony Cho and Tony Arellano, commercial sales director, handled the deal for Metro 1. “The Design District continues to maintain its position as a top-shelf investor market,” Cho said. “While all eyes are on the Design District, investors and high-end fashion brands have quietly turned their attention to adjacent emerging urban core markets including the Biscayne Corridor, Wynwood and Midtown, where we’re seeing lease rates continue to rise.” — Alexander Britell