A private investor based in New Jersey purchased the Foot Locker building in downtown Miami from an associate of Footlocker for $7.6m, or approximately $229 per square foot.
The two-story, 32,838-square-foot building with ground-floor retail space sits on 17,400-square feet of land. Built in 1949, the property is located in downtown Miami near major tenants such as Starbucks, Radio Shack, Sports Authority and Walgreens.
Ryan Shaw with Marcus & Millichap represented the seller. Mika Mattingly and Shai Ben Ami with Sterling Equity Realty LLC represented the buyer.
“This was an excellent redevelopment opportunity in middle of downtown Miami’s central business district. Neighboring properties include Macy’s department store, Miami-Dade County Courthouse and the Seybold Building Diamond Center. Miami’s Downtown People Mover station is one block away and several new residential projects and new retailers – including Whole Foods – will benefit the CBD redevelopment,” says Shaw.
CoStar is reporting the site allows for potential high-rise development under Miami 21 zone of T6-80-O with as much as 1,000 units per acre, which equates to 385 units, with 403,000 square feet buildable to a max height of 80 floors.
