Allapattah auto repair site, slated for a boutique, sells for $1.4M
Berger Commercial Realty / July 28, 2016
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The new owner of a former auto repair facility in Allapattah plans to repurpose the property into an Indian clothing boutique.
The Two J’s sold the auto repair property at 2050, 2036 and 2030 Northwest 23rd Street to Vinamrata Mehta, according to a press release. The three buildings were built in 1956 and total 14,771 square feet of retail space, which means the sale breaks down to about $95 a foot for the buildings and $48 per foot for the 28,988-square-foot plot.
Berger Commercial Realty Senior Vice President Joe Byrnes and Senior Sales Associate Jonathan Thiel recently represented the seller of the Power Brake Exchange. Two J’s paid only $215,000 for the properties in 1985, records show.
Berger had the site on the market for $1.7 million. And the buyer owns other properties in Allapattah, Thiel told The Real Deal.
The corner lot was being rented out to a Miami pirate tours company.
“It’s rare to find an available corner lot in Miami’s Allapattah warehouse district, which is located just northwest of downtown Miami and about five miles east of Miami International Airport,” Thiel said in the release. “The property’s versatility also makes it unique. It can accommodate tenants in automotive, marine or retail industries thanks to its ample parking, tall ceilings and convenient access to major roads and waterways.”
Investors like Michael Simkins and the Rubell family have targeted the industrious neighborhood in recent years.
McKenzie Construction and Craft recently redeveloped a large, 1938 warehouse into its current design and craft office, facility and showroom. Simkins bought the building in March from investor/developer Alex Karakhanian.
At a recent commercial and industrial real estate presentation on Allapattah, Kohn Commercial Real Estate’s Ronald Kohn said the price for a warehouse has jumped from $50 a foot in 2013 to $120 per square foot now. The burgeoning neighborhood, he said, is hiding in plain sight.
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