Monday, August 12, 2013

Rare South Beach Retail Portfolio Trades for $18.1 Million

Retail portfolio on Alton Road corridor, South Miami Beach, FL

Drew Kristol
MIAMI BEACH,  FL, Aug. 12, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a portfolio of seven retail properties totaling 43,000 square feet in a prime location in South Beach.

The sales price of $18.1 million equates to $420 per square foot.

            Drew A. Kristol and Kirk D. Olson, both vice president investments in Marcus & Millichap’s Miami office and directors of the firm’s National Retail Group, represented the seller, Twin City Realty LLC and the buyer, a local family trust.

Kirk D. Olson
“This sale attracted a great deal of interest from the investment community,” says Kristol. “We vetted a deep buyer pool, including many institutional and local entities, all interested in owning quality real estate in the hot South Beach market. 

“A portfolio like this was a very rare opportunity to control key retail locations on the Alton Road corridor.” 

South Miami Beach night skyline
The portfolio consists of six retail properties located along the high-profile Alton Road commercial corridor, and one additional retail property located on Collins Avenue and 73rd Street in Miami Beach.

Major tenants include Panera Bread, Papa John’s Pizza, Alex Linens, Beach Food Market, Lambs Laundry, Nu Art Signs, and Provecho Bistro Latino.

For a complete copy of the company’s news release, please contact:

Ben Johnson
Marketing Director

(925) 953-1736

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