Saturday, August 1, 2015

Marcus & Millichap Brokers $3.8 Million Sale of Acquo 124 Restaurant Site in Hallandale Beach, FL


Adam J. Tiktin
HALLANDALE BEACH, 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 0.88 acres of land improved with a restaurant and mixed-use building in Hallandale Beach, Fla. The asset sold for $3,800,000.

Adam J. Tiktin, a first vice president investments in Marcus & Millichap’s Miami office, and Michael Biama, a senior associate in the firm’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor from Hallandale Beach, Fla.  The buyer was a limited liability company from Hollywood, Fla.

“This property is located just south of one of the busiest intersections in South Florida directly across the street from Gulfstream Park,” says Tiktin.

“Due to the high profile nature of this property, we were able to attract a purchaser interested in redeveloping the site into a 40,000-square foot office condo project. 

"At just under $100 per square foot for the land, we feel that the price we achieved pushes the boundaries of what’s possible in today’s market,” adds Biama.

Michael Biama
Located at 124 South Federal Highway, the offering encompasses four separate parcels, totaling .88 acres, and two structures, totaling 7,604 square feet. 

The first is a 5,182-square foot restaurant which sits directly on Federal Highway and has excellent visibility to both north and south bound traffic.

The second is a smaller 2,422-square foot mixed-use building situated behind the restaurant, comprised of a small office and upstairs apartment.

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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