Another big deal has closed in the Miami Design District with the sale of a retail building located at 111 N.E. 40th Street for $21.5 million (just under $2,445 per sqf). The two story, 8,794 sqf building was purchased by Harbor Group International. Chariff Realty Group represented the sellers and will be in charge of leasing the rest of the space. The sellers bought the property in 1999 for $320,000. “[The buyers] saw an incredible amount of co-tenancy and it being in potentially one of the most important high-street retail locations in the world,” said Lyle Chariff, Chariff Realty Group. “They saw that rents were significantly lower than what they could potentially be. There’s a lot of value to be added.”
