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| The Gateway to Miami Beach building 1100 5th Street, Miami Beach, FL |
MIAMI, 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 The Gateway to Miami Beach
for $22,500,000, or $1,241 per square foot.
The property consists of two net-leased buildings and is
occupied by two national tenants.
It is located on the southeast corner of 5th
Street and Alton Road where the MacArthur Causeway (Interstate 395) accesses
Miami Beach; this intersection, in South Beach’s South of Fifth (SOFI)
neighborhood, is one of the most visible and highly sought after locations in
Miami Beach.
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| Scott Sandelin |
Scott C. Sandelin, an associate vice president
investments in Marcus & Millichap’s Miami office, represented the seller, a
Miami Beach-based limited liability company. Jonathan Gerszberg, a
senior associate, also in the Miami office, secured the buyer, a private
investor from New York.
“The properties’ current mixed-use commercial zoning
designation allows for several different uses in addition to retail,” says
Sandelin.
“This will allow for many future redevelopment options. The
Miami Beach retail market demand continues to grow due to the proliferation of
international, national, regional and local tenants and the tourists, visitors
and locals who frequent the area to shop, eat, and enjoy the community.”
“The buyer is extremely bullish on the South Florida market
and plans to enjoy the cash flow from the long-term tenants as the surrounding
market continues to appreciate,” adds Gerszberg.
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| Jonathan Gerszberg |
The property is located at 1100 5th St. in Miami Beach,
Fla. The two national tenants are Burger King and Pier 1 Imports. The Pier
1 building consists of 8,504 square feet on the ground level with an additional
3,432 square feet on the second floor.
The adjacent Burger King building is 5,000 square feet and
includes a second floor with 1,200 square feet of air conditioned
storage/office space. The lot totals 32,650 square feet.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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