Large Multifamily Project Planned for Calle Ocho & 25th Street, Development Land Sells for $4M

MIAMI, Fla., Jan. 21, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Calle Ocho & 25th Street, a 24,400-square foot land development property located in Miami, Florida, according to Ryan Nee, first vice president and district manager of the firm's Miami office. The asset sold for $4,000,000.

"This four-property transaction was a part of a larger assemblage we assisted the developer with. The development plans for the property include a 200-unit apartment building with a 10,000-square-foot retail component and 300 parking spaces. Once completed, the 12-story building will mark one of the largest new multifamily projects on Calle Ocho," Eddie Toledo, senior associate in Marcus & Millichap's Miami office.

Toledo and Jonathan De La Rosa, first vice president of investments, had the exclusive listing to market the property on behalf of the seller, Pre-An Agency, Inc. The buyer, CAM Group at 8 St, LLC, was procured by Toledo and De La Rosa.

Calle Ocho & 25th Street is located at 2515, 2521, 2525, 2510 SW 8th Street in Miami, Florida, directly across from Miami Dade College Campus.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.