The industrial asset located at 1031 Northwest 21st Street in Miami was sold in a closed transaction for $4,000,000. Spanning 8,173 square feet, the property was acquired by Dick Shon & Eliot Whittall from the seller, Scott Furhman. The sale, facilitated by Jonathan Eismann of Gridline Properties, resulted in a price per square foot of $489. Notably, the off-market deal took place as part of a 1031 exchange, with the buyers opting for this unique industrial warehouse campus to replace their previous location in Wynwood.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $4,000,000
• Buyer: Dick Shon & Eliot Whittall
• Seller: Scott Furhman
• Seller's Representative: Jonathan Eismann - Gridline Properties
• Address: 1031 Northwest 21st Street, Miami
• Market: Miami
• Square Footage: 8,173
• Price per Square Foot: $489

Jonathan Eismann, the seller's representative from Gridline Properties, highlighted the property's appeal to long-term investors in Allapattah, drawing interest away from neighboring areas like Wynwood and The Design District. Eismann mentioned that this was not the first time he had handled a transaction involving this property, citing the record-breaking nature of this recent sale in terms of price per square foot for the sector and type.