A partnership between developer Avra Jain and Metro 1 Properties president Tony Cho has acquired an industrial site in Miami’s Little River neighborhood with plans to reposition the property, The Real Deal has learned.
The partnership, Little River Urban Investments, paid $9.3 million for the 3.7-acre property known as “Rail 71” at 7205 Northeast Fourth Avenue, according to a Metro 1 spokesperson. A nearly 129,000-square-foot warehouse is currently located on the property, which abuts the Florida East Coast Railway. The long-term strategy for the partnership is to make extensive capital improvements to attract creative tenants, start-ups, light industrial users and furniture, design and food and beverage companies.
“After more than a decade of investing, brokering and promoting the area, we are starting to get real traction in Little River,” Cho said in a written statement. “This property is a key piece to the revitalization of the entire area.”
The commercial brokerage division of Metro 1 is handling leasing and management for the project.
Annexed by the City of Miami in 1925, the Little River neighborhood currently has 187 industrial spaces totaling about three million square feet, according to Metro 1. — Eric Kalis