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Two-building industrial property in Miami sells for $10.4M
A limited liability company led by Alan P. Matthews and John Matthews paid $211 per square foot to buy the property on North Miami Avenue
A two-building industrial property in the West Little River neighborhood of Miami has been sold for $10.4 million.
The buyer paid $211 per square foot for the buildings at 7101 North Miami Avenue and 7111-7119 North Miami Avenue, which span a total of 49,260 square feet.
The new owner is 7101 N. Miami Ave. LLC, managed by Alan P. Matthews and John Matthews. The seller was Miami-based 170 NE 40 Street Inc., managed by Steve Rhodes.
Constructed in 1972 and 1974, the industrial buildings occupy a 1.64-acre site. The 34,420-square-foot building on the south side of the site last sold in 2006 for $2.6 million, and the previous sale price in 2012 for the 14,480-square-foot building on the north side was $750,000.
Tony Cho, Jack Conrad and Andres Nava of brokerage firm Metro 1 represented both the buyer and the seller in the transaction.
The seller also was represented by attorneys James Marx and Steven Rosenthal. [South Florida Business Journal] – Mike Seemuth