Friday, June 13, 2014

Marcus & Millichap Sells South Florida Retail Center for $11.6 Million

Plaza Del Rey, Miami, 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 Plaza Del Rey, a 50,186-square-foot shopping center in Miami.      

     The $11,600,000 sales price equates to $231 per square foot.

            Drew A. Kristol and Kirk Olson, both vice presidents investments in Marcus & Millichap’s Miami office, represented the seller, a Miami-based LLC. Kristol and Olson also represented the buyer, another locally based LLC.

Drew A. Kristol
            “Situated within a densely populated infill area in the heart of Miami-Dade County, Plaza Del Rey has a diverse tenant mix, strong historical occupancy and solid cash flow,” says Olson.  “Our marketing campaign produced multiple offers and the sale closed at list price.”

            “The Plaza De Rey transaction is a good indication of strong investor demand for infill Miami-Dade shopping centers,” Olson concludes.

            The property is located on 4.5 acres at the corner of West Flagler Street and SW 102nd Avenue at 10000 West Flagler St. in Miami, one mile from Florida International University. 

A large-scale retail development known as Fountain Square that features anchor tenants Target and Publix is underway across the street. West Flagler Street is a six-lane retail corridor with traffic counts of more than 40,000 vehicles per day. Florida State Road 836 and the Palmetto Expressway are nearby.

Kirk Olson
            At the time of the sale, Plaza Del Rey was 95 percent occupied. The center is anchored by a 14,000-square-foot Navarro Discount Pharmacy. Other tenants include Rent-A-Center, T-Mobile and Vicky Bakery.

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

Gina Relva
Public Relations Manager
(925) 953-1716