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| 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.
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| 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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