Thursday, February 26, 2015

Marcus & Millichap Brokers $1.7 Million Sale of Retail Plaza in Miami, FL

1879 Retail Plaza, Miami, FL

Jonathan Gerszberg
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 1879 Retail Plaza, a 10,275-square foot retail center located in Miami. The asset sold for $1,700,000.

Jonathan Gerszberg, an associate vice president investments, and Andy Charry, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami. 

The buyer, a private investor from Venezuela, was secured and represented by Rafael Fermoselle, an associate also in Marcus & Millichap’s Miami office. 

“The seller was very clear about what he wanted from this sale, in terms of price, and we found an excellent purchaser who appreciated the opportunity.  This was a win-win-win,” says Charry. 

  Fermoselle added that, “The buyer was drawn to the stability of the income in this low vacancy market, and enjoyed the additional income from the event parking from Marlins Stadium overflow.”

Miami Marlins Baseball Stadium
Located at 1879 NW 7th Street, the multi-tenant mixed-use property is comprised of 10,275 rentable square feet of retail and office space on a 14,906-square foot lot.

 The ground floor retail space is occupied by Metro PCS and three other retail tenants. The second floor is office space occupied by seven separate tenants.

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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