Miami

James Chung launches the Econic Co., the latest in a string of bespoke brokerage firms to launch since the start of the pandemic.

Shorenstein Properties is the seller of the 330,000-square foot property.

The industrial property comprises two recently-built buildings, which are 100% pre-leased to five tenants.

The firm was originally set to acquire the $50.8M apartment community one year ago, prior to the nationwide lockdown.

The property is located one block from the beachfront, has inherent property air rights allowing for future redevelopment options, and is within walking distance of several high-end hotels and multimillion-dollar condominiums.

By accepting Bitcoin, the seller is tapping into a unique group of investors that want access to a high-barrier-to-entry market.

The REIT received double-digit bids on the property.

A "special area plan" is a zoning process in Miami 21 that allows a developer that assembles over nine acres of land to apply for the right to build at much greater height and density than would otherwise be allowed.