Jesse Spencer Of J& Group Compass Represents Buyer In $2.4M Commercial Kitchen Sale In Miami

A commercial property located at 72 Northwest 79th Street in Miami has been sold for $2,400,000. The asset measures 4,065 square feet and is valued at approximately $590 per square foot. The building is fully leased on a NNN basis, featuring a fully built-out commercial kitchen with hood systems, grease infrastructure, and walk-in cold storage, situated on an 8,640 square foot lot zoned T6-8-O along the 79th Street corridor.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $2,400,000
• Square Footage: 4,065 SF
• Price Per Square Foot: $590
• Seller: Josiali Brock - Epiloque Nine Inc
• Buyer's Representative: Jesse Spencer - J+ Group - Compass
• Seller's Representatives: Juan Andres Nava - Metro 1; Robert Eckstein & Craig Merlin - NAI Miami | Fort Lauderdale
• Cap Rate: 7.37%
• Lot Size: 8,640 SF
• Lease Type: NNN

Jesse Spencer of J+ Group | Compass represented the buyer, a private investment group. The transaction is notable as it marks J+ Group's third commercial kitchen transaction in just over a year, reflecting the tight market for built food production space in South Florida. The seller was represented by a team comprising Juan Andrés Nava from Metro 1 Commercial and both Robert Eckstein and Craig Merlin from NAI Miami | Fort Lauderdale.