Wednesday, June 10, 2015

Marcus & Millichap Brokers $4.48 Million Sale of Art Deco Property in Miami Beach, FL

  
1409 Washington Avenue, South Beach, FL
MIAMI BEACH, FL, June 10, 2015 – 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 a 10,592-square foot mixed-use Art Deco property located in Miami Beach.

 The asset sold for $4,480,000 representing $423 per square foot.

Arthur D. Porosoff and Ronnie Issenberg, vice president investments, Gabriel Britti and Scott C. Sandelin, associate vice president investments, and Alejandro D'Alba, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami Beach.  

Ronnie Issenberg
The buyer was a limited liability company from Bay Harbor Islands, Fla.

“Washington Avenue is experiencing tremendous investor activity. This was an opportunity for the buyers to purchase a property perfectly situated to become one of Miami Beach’s next trendy boutique hotels,” says D’Alba.

The building is comprised of a 3,390-square foot retail space, 12 apartments, and a 1,853-square foot storage space leased to a local retailer.

The property is located at 1409 Washington Avenue in Miami Beach.

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

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

(786) 522-7000

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