MIAMI, Fla., Oct. 4, 2022 Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 3611 NW South River Drive, a 19,548-square foot industrial property located in Miami, FL, according to Harrison E. Rein, regional manager of the firm’s Miami office. The asset sold for $8,300,000, which is above the listed price of $8,200,000.

“This is a strategic acquisition right on the Miami River with direct access to Miami International Airport and multimodal possibilities.” Said Alex D. Zylberglait, senior managing director “the asset was owned for many years by a family, and it will likely be owned for many years to come by the buyer’s family given its exclusive appeal.”

 Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust and the buyer, Miami River Industrial Center, LLC a limited liability company.

The subject is currently zoned Palmer Lake Metropolitan Urban Center (PLMUC). PLMUC allows for a variety of permitted uses including but not limited to numerous industrial uses, recreational boat storage, marinas, and product processing right on the Miami River, which allows for loading and unloading containers and cargo vessels. The property’s permitted uses also include many other commercial uses.

The property is located at 3611 NW South River Drive. The subject is situated on the south bank of the Miami River, west of Interstate 95 and just east of the Miami International Airport. The property has frontage on South River Drive with access to both directions of traffic. The subject site is about three miles upriver from the Intracoastal Waterway (ICW), which provides access to Biscayne Bay and the Atlantic Ocean and 8 miles from Downtown Miami.