The internationally acclaimed Stephanie Odegard Collection of Miami’s Design District has changed hands for the highest price in the more than three years.
Power agent Susan Gale spent six months putting an unusually complex deal together to achieve a total of $4.5 million or $204 per square foot in an area where the average commercial space currently sells for $100 square foot.
The property, consisting of two buildings and land offering pristine showroom, office and warehouse space, occupies nearly a whole block in the Miami Design District on North East 36th Street across from Midtown Miami and Wynwood. Located at 3620 North-East Miami Place and 3621 North-East Miami Court, the buildings have a total area of 21,877 square feet while a separate parcel of land has a total area of 42,144 square feet. Odegard, who is moving her company to a prestigious location elsewhere in Miami, renovated and landscaped the property to a very high standard five years ago.
In a rare combination, the three components (including sought-after private gated parking) were part of an indivisible portfolio that had to be sold as one transaction. Susan Gale, known as a powerful negotiator, brought exceptional skill and hard work to structure a creative deal that knocked $1 million off the asking price. With one part contingent on the other, Susan managed to satisfy two separate buyers with two different closing dates.
“It was a huge challenge meeting the needs of buyers who were willing to pay the negotiated price for an exceptional, prestigious property in a high-profile location,” said Susan. They paid for the perceived value in a property that was the perfect match and backdrop for their businesses.”
One buyer plans to use the property for a furniture and accessories business; the other for an upscale eyewear enterprise.
Does this sale indicate a more upbeat market in central Miami real estate?
According to Susan Gale” The commercial market is showing signs of life but it hasn’t turned around yet, except for special properties like this.”
About the Susan Gale Group — Experts with an Edge
Susan Gale is Vice President of Commercial and Specialty Properties for Majestic Properties, one of Miami’s premier full-service real estate firms and President of the prestigious Susan Gale Group. She has been successfully marketing and selling high end commercial and residential real estate for more than 20 years, with gross sales of more than a billion dollars. Her portfolio includes hotels, apartment buildings, shopping centers, warehouses, restaurants, development opportunities, as well as luxury waterfront condominiums and houses. Challenging properties are a specialty.
The SGG Susan Gale Group multilingual team of international specialists (Giles Barker, previously active in Commercial RE in the UK & Faye Reby, a Sales & Marketing Executive for TIME Warner and Conde Nast in Europe)
Susan Gale consistently demonstrates her passion for excellence as she mixes her aggressive marketing strategies and incisive negotiating skills in making mutually beneficial deals happen, often setting pricing precedents.