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Gridline Properties and DWNTWN Realty Advisors recently closed on another significant transaction within the Little River neighborhood of Miami. The sale included 2.2 acres on NE Second Ave. in the northern section of Little River. The property, located at 8038 NE Second Ave., Miami, FL 33138, closed on Oct. 27 for $13.3 million.
Gridline Properties’ broker and principal Alfredo Riascos represented the seller, Thomas Conway of Conway Commercial Real Estate. Tony Arellano of DWNTWN Realty represented the buyer.The buyer nor its plans were disclosed citing confidentiality.
“Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” Riascos said.
Creative neighborhoods like Little River have been the focus of a lot of attention and recent capital inflows. DWNTWN Realty Advisors and Gridline Properties worked together seamlessly on a complex transaction that will have a positive impact on Miami and the Little River neighborhood. Population and job growth are fueling the demand for housing and neighborhoods as the City of Miami continues to grow. Despite the economic headwinds, Miami seems to be positioning itself as a safe haven for capital investments and quality of life upgrades for employers and individuals.
Conway recently sold the neighboring Ebb & Flow retail strip center comprised of two buildings on two lots for $18.15 million in July. Riascos represented Conway in the Ebb & Flow transaction as well. The all-cash deal marked one of the largest single transactions in Little River for value-add creative retail.
“In recent months, the NE Second Avenue corridor of Little River has received remarkable attention from investors and developers seeking to capitalize on the emerging retail and development taking place between 79th and 84th Street,” Riascos said. “This property may be one of the last remaining sites that offers institutional size and scale for future development along NE Second Avenue. We are excited to be part of the tremendous growth and continued success of Little River.”
A hub for re-adapted industrial buildings, Little River has attracted an array of creative and design-oriented businesses that have 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.
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