MIAMI BEACH, Fla., April 18, 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 Pierre On the Bay and 2095 Bay Drive in Miami Beach, Florida. The combined properties sold for $15,852,000. 

“We had a tremendous amount of activity on this site from both developers and multifamily investors,” said Shelly Argy, associate in the Marcus & Millichap Miami office. “A real estate investment group based out of Canada, Magnum Holding Company, Inc. are the ones who acquired the site as they strongly believe in the revitalization of Normandy Isles. Already having a strong presence in Central Florida, they are now expanding their footprint into South Florida.

Argy and Ryan T. Shaw, first vice president investments, had the exclusive listing to market the property on behalf of the seller, MANAPOLI 18 LLC, a limited liability company. Jonathan Kotler procured the Canada-based buyer.

Pierre On the Bay, located at 2050 Bay Drive, is a development site currently housing two multifamily buildings on Normandy, Isle, a submarket of Miami Beach, Florida. The 70-unit, 35,405-square-foot property sold for $13,975,000. Property features include panoramic views of Biscayne Bay, in an area with significant demand for development opportunities. The waterfront site has direct frontage of the Kennedy Causeway and access to surrounding beaches. 2095 Bay Drive, a 7,250-square-foot property sold for $1,877,000.