|
Getting your Trinity Audio player ready...
|
Gridline Properties, a full-service commercial real estate brokerage firm based in Miami’s urban core, recently represented both the seller and buyer in the sale of Little River Courtyards.
The assemblage includes three free-standing warehouse buildings totaling 28,306 square feet of renovated industrial/flex space on a 41,026-square-foot lot in the heart of Miami’s Little River Business District. The properties closed on July 11 for $7.821 million and are located at 287 and 297 NE 67 St. and 290 NE 68 St., Miami, FL 33138.
Gridline Properties’ broker and principal Alfredo Riascos represented the seller, Little River Spaces LLC’s principals Steve Rhodes, George “Bud” Scholl and Michael Steiner. Gridline Properties’ partner and senior associate Mateo Romero represented the buyer, Chicago-based Diamond Realty Holdings (“DRH”)’s principal Josh Diamond in the transaction.
The three separate and adjacent buildings can be adaptively renovated into modern space, render market rents and be consistent with neighborhood trends. Each of the buildings features high ceiling and parking, and are delivered vacant of any tenants.
Gridline Properties also represented Little River Spaces LLC when they acquired the properties in an off-market transaction in 2020. Since purchasing the properties, Little River Spaces LLC added extensive renovations to meet the area’s demand of investors and tenants seeking a light industrial product that can be readapted to house offices, showrooms, and a variety of creative uses. Prior to Little River Spaces LLC acquiring the properties, the Steiner family operated a laundry equipment business, Steiner Atlantic, out of the buildings for more than 30 years.
DRH, a real estate investment and development firm, plans to continue improving the buildings and add design features that will cater to the market’s booming demand for quality creative spaces.
“We are glad to have represented the seller and buyer in this sale. It was a complex transaction, but the parties were able to work together to bring it to the finish line. It’s exciting to see the next chapter for the Little River Courtyard and the surrounding neighborhood,” Riascos said. “We are always proud to be involved with transactions that drive progress and innovation to our key markets.”
Diamond said, “We are excited about expanding our holdings to South Florida and have chosen Little River due to the concentration of warehouses, ability to service the surrounding neighborhoods, and its eclectic mix of amenities and tenants. We look forward to expanding our holdings in this rapidly growing area.”
A hub for re-adapted industrial buildings, the Little River Business District has attracted an array of creative and design-oriented businesses that have spontaneously 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.
