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| Pink Plaza Shopping Center, 103400 Overseas Highway, Key Largo, FL |
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| Jonathan Gerszberg |
KEY LARGO, 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 Pink Plaza Shopping
Center, a 57,773-square foot retail property located in Key Largo, Fla.
The asset sold for $8,212,500 representing $142 per square
feet and a 7.75 percent CAP rate.
Jonathan Gerszberg, a senior associate in Marcus
& Millichap’s Miami office, represented the seller, a limited liability
company from Iowa, and the buyer, a limited liability company from Florida.
“The Florida Keys are a unique market, significantly
different than Miami, despite being so close.
" The Pink Plaza is one of the rare trophy retail properties in the Keys,
representing a unique asset to headline any investment portfolio. We had a ton of interest, with offers from
investors around the globe,” says Gerszberg.
Built in 1986, Pink Plaza Shopping Center is a 57,773-square
foot, two-story shopping center which covers 2.87 acres in Key Largo, Fla.
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| Key Largo, FL |
Anchored by one of the top producing West Marines in Florida, the Pink Plaza,
has some 50 tenants, spanning the full spectrum of business: restaurants,
service oriented vendors, hard goods, soft goods, government, medical, and even
executive offices.
“The property is
impeccably maintained and represents a true pride of ownership asset.
" The
seller had done an amazing job managing the property, maintaining a greater
than 90 percent occupancy over the last 10 years,” Jon continues. “The buyer is looking forward owning this
once-in-a-lifetime property.”
Pink Plaza Shopping Center is located at 103400 Overseas
Highway in Key Largo, Fla.
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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