Miami Rivers Edge Land Development Investment Assemblage
Situation
Individual investor was looking for real estate investment opportunities in South Florida.
The entrepreneurial investor also had a thriving local business in Miami that desired a creative workspace that could include a photography studio as well as a place for vehicular business equipment and personal fun toys.
Miami Riverfront Flex Office Property
Potential for growth appreciation and existing income was important to this business growing business owner.
Strategy
RISE Realty identified opportunistic growth neighborhoods in South Florida consistent with the investor’s creative business and growing team in an appropriate community.
Our team scoured the market contacting property owners, tenant’s and mixed use commercial real estate brokers in South Florida emerging market areas.
Client had sufficient capital on hand to make a commercial real estate acquisition of up to $20 million which gave extra leverage as a cash buyer.
This allowed our client to take advantage of a business owner who needed the cash, had interest in exiting his property on the Seybold Canal between Downtown Miami and the Medical/Civic Center district in Miami, FL adjacent to the affluent Spring Garden neighborhood.
Results
The investor purchased two mixed use industrial flex properties on contiguous waterfront parcels totaling 12,500 sq. ft. and 6,500 sq. ft. of buildings at
offering 100 feet of water frontage on Miami’s Seybold canal less than 1/8 of mile from the Miami River providing boats ocean access. Centrally located with very close proximity to Little Havana, Jackson Health District, Downtown, Wynwood, & Allapattah and across from Overtown, David Beckham’s preferred alternative soccer stadium. Including local restaurants, Crust, Kiki On the River, Seaspice and Casablanca.
The former artist’s studio at 808 NW 8th St Rd boosts first floor 16 feet high ceilings overlooked by an office mezzanine. Income from two apartment rental units above help to pay the owner’s new real estate tax and insurance obligations.
A long-term occupancy solution and favorable investment, our team secured a great investment for the Miami business owner.
The fact that the property was contiguous to another property that had been on the market for over 500 days determined the next phase of the the assemblage of lots located at 810-970 NW 8th Street Road in Miami, Florida. 3 of the lots are were vacant land utilized for parking, while 1 lot is covered with a single-family home and the remaining 3 lots were formerly Popeye’s Marina operating a boatyard and marina on them. Our buyer plans to level the boatyard and single family home and hold the land for development. In the meantime RISE Realty has been engaged to market the 52,838 sq. ft. portion of the land to a new marina operator or boat yard storage.