Development Site in Uptown Miami’s Little River Sells for $13.3 Million
Gridline Properties and DWNTWN Realty Advisors, closed on another significant transaction within the Little River neighborhood of Miami. The sale included 2.2 acres on NE 2nd Ave in the northern section of Little River. The property, located at 8038 NE 2nd Ave., Miami, FL 33138, closed on October 27 for $13.3 million.
Gridline Properties’ Broker and Principal Alfredo Riascos represented the seller, Thomas Conway of Conway Commercial Real Estate. Tony Arellano of DWNTWN Realty represented the buyer. The buyer nor its plans were disclosed citing confidentiality.
“Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” said Riascos.
Creative neighborhoods like Little River have been the focus of a lot of attention and recent capital inflows. DWNTWN Realty Advisors and Gridline Properties worked together seamlessly on a complex transaction that will have a positive impact on Miami and the Little River neighborhood. Population and job growth are fueling the demand for housing and neighborhoods as the City of Miami continues to grow. Despite the economic headwinds, Miami seems to be positioning itself as a safe haven for capital investments and quality of life upgrades for employers and individuals.
Conway recently sold the neighboring Ebb & Flow retail strip center comprised of two buildings on two lots for $18.15 million in July 2022. Riascos represented Conway in the Ebb & Flow transaction as well. The all-cash deal marked one of the largest single transactions in Little River for value-add creative retail.
“In recent months, the Northeast Second Avenue corridor of Little River has received remarkable attention from investors and developers seeking to capitalize on the emerging retail and development taking place between 79th and 84th Street," said Riascos. “This property may be one of the last remaining sites that offers institutional size and scale for future development along NE 2nd avenue. We are excited to be part of the tremendous growth and continued success of Little River.”
A hub for re-adapted industrial buildings, Little River has attracted an array of creative and design-oriented businesses that have identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.
More on Gridline Properties
Founded in 2018, Gridline Properties is a full-service commercial real estate brokerage firm based in Miami’s urban core. The firm specializes in brokerage services that include landlord and tenant representation, strategic real estate planning, investment sales, and dispositions. Under the leadership of Principal and Broker Alfredo Riascos, Partner Mateo Romero, and a team of experienced agents, Gridline Properties strives to be a market leader in the industry and a dependable resource to its clients and shareholders.
In recent years, Gridline Properties has proven to be a leader in its industry by successfully brokering a notable portfolio of transactions in some of Miami's most exciting submarkets, such as Wynwood, Midtown, Allapattah, Little River, and Miami's Upper East Side.
More on DWNTWN Realty Advisors
Founded by seasoned real estate experts, Devlin Marinoff and Tony Arellano, DWNTWN Realty Advisors is an institutional quality brokerage firm focused on the greater Downtown Miami Area. DWNTWN emphasizes the concepts of new and walkable city centers. DWNTWN Realty Advisors specializes in the sale, acquisition, leasing, and financing of Downtown properties backed by an accomplished track record of some the most significant transactions in the greater Downtown Miami area. DWNTWN helps create community with a sense of place by focusing on not just procurement and disposition but also in the fulfillment processes from concept to leasing, and from branding to execution. Devlin Marinoff and Tony Arellano have united their respective expertise to offer a unique brokerage experience that stands out in today’s market. Offering corporate level service for the middle markets within the greater Downtown Miami Area. DWNTWN Realty Advisors is based on the principals of personalized service, creativity and a hands-on approach to real estate. Emerging markets are a specialized industry and Marinoff and Arellano are the quintessential names in this area sustained by their teams combined 50 years of experience, comprehensive service and stellar reputations.