Sunday, November 15, 2015

Prohibition Restaurant & Speakeasy in Midtown Miami, FL Sold for $3.25 Million in Deal Brokered by Marcus & Millichap

Prohibition Restaurant & Speakeasy, 3404 North Miami Avenue, Midtown Miami, FL

Scott C. Sandelin
MIAMI, 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 Prohibition Restaurant & Speakeasy, a 4,900-square foot restaurant building located in Midtown Miami. The asset sold for $3,250,000 representing $663 per square foot.

Scott C. Sandelin, a vice president investments, and Jonathan De La Rosa, an associate, in Marcus & Millichap’s Miami office represented the seller, local developer Alexander Karakhanian, and the buyer, a private investor from New York City.

“The northeastern corridor of Miami is coming alive with adaptive reuses and new development,” says Sandelin. “The allure of this property is its prime location across from the Midtown Mall and its proximity to the Wynwood and Design District submarkets, where rents are skyrocketing.”

“Investor appetite for Midtown retail properties continues to grow and Prohibition Restaurant is the epitome of ‘urban retail’. At $1,000 per square foot for the land, the sale sets a record selling price for the area,” adds De La Rosa. 

The property has 4,900 square feet of rentable space with a 3,080-square foot lot. In 2011, the building underwent a $2.5 million build-out which included a brand new roof. Currently Prohibition Restaurant & Speakeasy has 3.5 years remaining on the lease with one seven-year option.

Prohibition Midtown is located at 3404 North Miami Avenue - directly across from Midtown Mall with national retailers such as Target, Marshalls, Ross, PartyCity, Sports Authority and many more.

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

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

(786) 522-7000

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