Saturday, September 13, 2014

Marcus & Millichap Arranges Sale of a 7,344-SF Miami Beach, FL Chevron for $5.05 Million


Ronnie Issenberg
MIAMI BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of a 7,344 square-foot, triple-net leased property branded by Chevron in Miami Beach, Fla.

The asset sold for $5,050,000 representing $688 per square foot and a 7.1% CAP rate.

Ronnie Issenberg, a vice president investments, and Scott C. Sandelin and Gabriel Britti, associate vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sunny Isles, Fla. 

Issenberg, Sandelin and Britti also secured the buyer, a limited liability company from Bay Harbor Islands, Fla. 

One-hundred percent leased to a one-unit operator and branded by Chevron, the tenant has seven years remaining on an absolute triple-net lease. The offering consisted of the service station, convenience store, U-Haul truck rental facility (situated on the adjacent parking lot) and second floor rental apartment units.

Scott C. Sandelin
“The North Beach business district has long been ignored and considered by investors as a dead area. The strong interest in this asset from the investor community marks a distinct change in the attitude towards this potential up and coming area,” says Sandelin.

“Due to its strategic location along Harding Avenue, a main south bound corridor leading directly to South Beach, the tenant enjoys considerably high margins, strong U-Haul rental rates and 100 percent occupied apartments,” adds Issenberg.

The property is located at 401 71st Street in Miami Beach, FL. 


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

Kirk A. Felici
First Vice President/Regional Manager
 Miami, FL

(786) 522-7000

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