Newmark, a leading global commercial real estate advisory firm, announced today the sale of an 88,427-square-foot land parcel in Miami’s Biscayne corridor. The land parcel is located at 412-436 NE 22 Street in the city’s fast-growing Edgewater neighborhood, and is within walking distance to premier dining, retail, cultural and entertainment destinations. The site also benefits from its proximity to I-395, I-195/SR-112 and I-95, providing convenient access to Miami Beach, Downtown Miami, Miami International Airport, Ft. Lauderdale and other northern destinations.
Mill Creek Residential, one of the nation’s largest multifamily development and investment firms, purchased the land from Unity Center of Practical Christianity. Newmark Executive Managing Directors Michael Lapointe and Adam Greenberg, along with Managing Director Michael Lohmann and financial analyst Scott Gordon, represented the seller in the transaction.
“We are pleased to finalize the sale of this land parcel, which plays an important role in the ongoing development of the Edgewater neighborhood,” said Adam Greenberg, executive managing director at Newmark “The capital markets group advised our client on the benefits of selling the property, which supports its long-term strategy of relocating to a site where it could build a new, state-of-the-art facility to enhance its vision and next phase of growth.”
The land parcel, which provides direct water views of Biscayne Bay and Miami Beach, falls within the Miami 21 zoning code, giving Mill Creek tremendous flexibility for developing larger unit sizes, expansive views and other premier amenities.
According to Newmark Research, the transaction reflects growing investor appetite across South Florida, which continues to experience rapid gains in population and job growth. Since the beginning of 2013, over 115 land sales totaling over 3.1 million square feet (over 72 acres) traded hands in the surrounding Edgewater neighborhood, for over $605.6 million with an average $/SF of $193/SF. Considering the majority of deals were below an acre, investor interest in the Edgewater neighborhood has grown as development continues to expand northward from the Brickell and Downtown region into the Biscayne Corridor and Edgewater neighborhoods.
Three office buildings totaling over a half million square feet are currently underway in the Biscayne Corridor submarket while no buildings were under construction within Miami’s CBD (Brickell and Downtown Submarkets), as reported by Newmark Research. In addition, Miami’s DDA showed 13 residential projects compiling of 7,667 units and one hotel project totaling 153 rooms were also underway in the Edgewater area as well as development builds above Miami Downtown’s region.
Recent data from the U.S. Bureau of Labor Statistics projects that more than 560,000 people will move to the Miami-Fort Lauderdale-West Palm Beach MSA over the next five years, making it the fourth fastest-growing MSA in the U.S.
The number of those employed in the region increased by nearly 2.5 percent year-over-year, nearly double the national job growth average. Several new mixed-use developments taking shape near Miami’s urban core are also expected to further spur economic development, including Miami Worldcenter, the nation’s second-largest mixed-use project currently under development, and Brickell City Centre.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.