Is Little River Becoming Miami Industrial's Next Big Focus?

American Upholstery Design acquired an industrial building located at 85 NW 71st St. in Miami from a private investor for $2.6 million, or about $81 per square foot. 

The 31,950-square-foot building, delivered in 1971, consists of five bays. The building was occuppied by multiple tenants at the time of sale. 

Jim McCoy of Coldwell Banker Commercial Alliance represented the seller. Jay Massirman with Rivergate Companies represented the buyer. 

Originally an agricultural area, Little River was annexed by the City of Miami in 1925 and urbanized quickly during the Florida land boom. The neighborhood’s most prominent feature is 187 industrial spaces comprising approximately 3 million square feet of space.
In tune with citywide and regional trends, many of these spaces are being converted into flex office and/or retail space, resulting in a significant value-add for underperforming assets and a boon for the Little River and surrounding neighborhoods. The area is bordered by large residential population centers of varying income levels on all sides including Buena Vista, Upper East Side, El Portal, and Lemon City.
 
Source:  CoStar

 

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