Monday, June 8, 2015

Marcus & Millichap Brokers Sale of Pollo Tropical in Miami Beach, FL for $5 Million


Benjamin H. Silver
 MIAMI BEACH, FL June 8, 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 Pollo Tropical, a 4,423-square foot net-leased property located in Miami Beach, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. 

The asset sold for $4,925,000.
Douglas K. Mandel, a first vice president investments, Benjamin H. Silver, an associate vice president investments, and Richard Niewiadomski, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a family from Coral Gables, Fla.  

The buyer was a foreign investor.

“The steep price and cap rate below 2.3 percent are remarkable terms for a single-tenant property. The buyer realized the opportunity to capture a prime corner location in the heart of South Beach,” says Silver.  

“While Pollo Tropical’s lease potentially extends another 18 years, there will be significant upside by either bringing the rent to market or by redeveloping the site at the end of that term.”

Located at 1454 Alton Road, the single-tenant restaurant sits on 15,702-square feet of land at the intersection of Alton Road and 15th Street, one of South Beach’s “Main & Main” intersections

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

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