MIAMI, FL – June 11, 2012 – (RealEstateRama) — Metro 1 Commercial, South Florida’s commercial real estate services leader, has completed the $2.2 million sale of a 20-unit multifamily property located at 1828 Bay Drive in Miami Beach’s Sunset Harbour submarket.
Mika Mattingly of Metro 1 Commercial represented the seller, MLBT, Inc. in the transaction. Oscar Gastaudo, of Florida Select Realty, represented the buyer.
“We were selected based on our successful track record in serving the Miami Beach and burgeoning Sunset Harbour submarket,” said Mattingly. “This was one of the few remaining properties in the area, and we are pleased to have been able to secure a strong offer before the property was officially marketed. The new owner sees the current and future potential of the property and may decide to capitalize on its existing hotel license.”
Tony Cho, President and CEO of Metro 1, added, “This transaction demonstrates Metro 1’s unique ability to perform on off-market transactions in Miami’s hottest emerging neighborhoods, like Sunset Harbour. From the Design District to Downtown to Brickell, Miami continues to experience a strong revival of its urban core neighborhoods with convenient, walkable, 24-hour urban lifestyles.”
The Sunset Harbour neighborhood is currently undergoing a full transformation, attracting millions of dollars in new investment. Fresh Market’s flagship store recently opened, and soon to follow is Scott Robins’ new five-story municipal parking garage with street-level retail. Three new mixed-use boutique development projects have also been approved.
“Lower lease rates and the desirable waterfront location continues to appeal to retailers,” added Mattingly.
Metro 1 Commercial also recently closed on the sale of 1790 Alton Road in Miami Beach, which will open later this year as Modani’s flagship showroom. The property is well located on the corner Alton and Dade Boulevard.
About Metro 1 Commercial
Metro 1 Commercial is a Miami-based boutique commercial real estate services firm that provides advisory, transaction, management and investment services for office, industrial, land, retail, and hospitality real estate throughout South Florida. Some of the specialty divisions within Metro 1 Commercial include M1 Hospitality, M1 Industrial, M1 Land, M1 Advisory, M1 Management, and M1 Investment Sales. Founded in 2005 by Tony Cho, Metro 1 Commercial has built a reputation for delivering consistent results in a performance-based landscape. Known as one of the most forward-thinking real estate companies, Metro 1 Commercial utilizes cutting edge marketing strategies and advocates for sustainable real estate solutions and smart urban growth. Metro 1 Commercial is a subsidiary of Metro 1. For more information, please visit www.metro1cre.com or call 305.571.9991.