August 19, 2014
Miami’s leading forward-thinking full-service real estate organization – is pleased to announce it closed today on the off market sale of 80 NE 40th Street for $16 million dollars.
Metro 1 Founder and CEO Tony Cho and Metro 1 Commercial Executive Vice President Tony Arellano represented the seller, CGI Studio. Devlin Marinoff and David Spitz of Whitehall Realty Advisors LLC represented the buyer.
The 8,025-square-foot building sold for $1,993 per square foot and the property’s 7,500-square-foot lot transacted at $2,133 per square foot.
The Design District is one of the fastest-growing and most popular communities in Miami-Dade County. Once made up of shuttered warehouses facing urban decay, it has undergone a remarkable transformation into trendy destination of luxury fashion, art, design and culture, inviting diverse groups of locals and tourists attracted by the unique vibrancy of the area’s restaurants, boutiques and galleries.
Having completed more than $600 million in sales transactions, with 500+ deals for more than 3 million square feet in the last 5 years alone, Metro 1 is committed to South Florida’s Urban Core neighborhoods including the Design District, Wynwood, the Arts & Entertainment District, Downtown Miami, the Little River District, Edgewater, Fort Lauderdale, the Upper Eastside and Sunset Harbour.
For more information and to view a list of Metro 1’s complete inventory, please visit the brokerage’s brand new website at www.metro1.com or call 305.571.9991.