Leased Industrial Building in Miami’s Little River Sells For $7M
By Jeff Ostrowski March 9, 2023 5:00 pm
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In a sign that Miami’s development boom is continuing to expand outward, a 21,454-square-foot building in the Little River Business District traded this week for $7.2 million.
The 32,625-square-foot industrial property’s previous sale, in 2006, was for $1.9 million, according to property records.
Known as the Valencia Coverings building, the property is at 275 Northeast 59th Street. Blinds shop ShadeMonster will remain a tenant at the property; additional space will be available for rent, according to Gridline Properties, a commercial real estate brokerage based in Miami.
Gridline Properties represented both the buyer and seller in the transaction. Ernie Perez, an associate at the firm, represented buyer Jackie Chariff, a local investor. Pablo Rodriguez, an associate with Gridline Properties, represented seller Carriles Corporation.
The off-market transaction was a cash deal. The transaction works out to $335 per square foot.
Long overlooked, the Little River Business District is at the southern end of Miami’s Little River neighborhood, located north of Downtown Miami and south of the Little River Canal.
Little River is a neighborhood vying to become the next Wynwood, a warehouse-laden district that has transformed over the past decade into a shiny nightlife spot and tech hub. Prices have exploded in the area, which has begun to attract creative types and design-oriented businesses. Gridline’s recent deals include one property that traded for $18 million and another that fetched $13 million.
“As the urban core continues to grow, people are looking for identity,” Mateo Romero, a partner at Gridline Properties, told Commercial Observer. “What has happened to Wynwood has become a driver for Little River. The growth of other neighborhoods is pressuring Little River.”
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
