Colliers International Markets $40M Portfolio In Downtown Miami

Oct 23, 2019 No Comments by

With demand for Downtown Miami real estate continuing to increase amongst investors and developers, Colliers International South Florida’s Urban Core Division, led by Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez, has been retained to represent the portfolio’s managing partner, Mario Sapoznik, in the listing of the portfolio of five properties for a total asking price of $40 million.

As one of the last opportunities to invest in Downtown, the Downtown Central portfolio is comprised of five properties, in which the majority are 100% occupied, that are conveniently located near some of the most impactful developments in Miami such as Miami Worldcenter, PortMiami the cruise capital of the world and Virgin MiamiCentral station.  The properties benefit from a liberal zoning code in South Florida, T6-80-O, that affords buyers the ability to construct highly dense structures while capitalizing on the rising retail rent rates as Downtown continues to evolve and flourish.

The portfolio includes:

• 201 N. Miami Avenue, an add value retail center and prime opportunity for an entertainment complex and retail center, features 15,157 square feet of space. The property is across Grand Station Apartments, adjacent to Related Groups Micro Apartment project, Miami Dade College and the largest transportation hub in the country – Virgin MiamiCentral.

• 100 N. Miami Avenue, is in the core of the third largest diamond district in the country and next to the Metro Mall that is currently under renovation to become a state-of-the-art jewelry center. The property is comprised of 10,000 square feet.

• 129 N. Miami Avenue, is also located within Miami’s “Diamond District” and adjacent to Metro Mall – currently undergoing a major renovation. The property is comprised of 4,863 square feet.

• 124 N.E. 2nd Avenue, currently a Soul Fresh Juice & Fruit Bar location and former Mr. Mills Fashion Shoes location, is strategically located near the iconic Flagler Street, Miami Dade College and sits on one of the most trafficked corners in Downtown. The property is comprised of 7,200 square feet and also affords buyers the opportunity to generate income during their plan approval process.

• 173 N.E. 1st Street, also located on the highly trafficked corner and near the iconic Flagler Street and Miami Dade College, features 15,000 square feet of space.

 

“Downtown Miami is a vibrant and bold neighborhood that is attracting investors and developers alike as the area steps into its next generation of evolution and provides exceptionally compelling development opportunities for future uses,” said Mattingly. “Our Urban Core Division is uniquely equipped to position the Downtown Central portfolio for buyers to create transformative, memorable and experiential properties that will positively impact Downtown Miami for generations to come.”

Downtown Miami’s renaissance continues to flourish and experience robust demand and is attracting a younger, wealthier and more educated population. In 2018, more than 92,200 residents called greater Downtown Miami home, up nearly 40 percent since 2010, and is expected to exceed 109,000 by the year 2021. The median household income is also increasing, up 55 percent since 2010. A significant portion of its residents are young professionals with disposable income that are seeking an urban core lifestyle that is being accommodated by new services and developments that are pouring into Downtown Miami to meet the needs of the shifting demographics.

 

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Industry News, Miami-Dade County Retail, NA, Retail
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