Monday, January 25, 2016

Marcus & Millichap Arranges $4 Million Sale of Sandalfoot Plaza Drive Retail Property in Boca Raton, FL

Richard Moravek
BOCA RATON, 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 23133 Sandalfoot Plaza Drive, a 7,860-square foot retail property located in Boca Raton, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,000,000 equating to $509 per square foot.

Richard Moravek, a senior associate in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Merrick, NY.  The buyer was a private investor from Brazil.

“Capital from Latin American investors seeking yield and safety in commercial real estate income producing properties continues to flow into the South Florida tri-county area,” says Moravek.

Built in 1990, the plaza is located in the Sandalfoot retail corridor of Boca Raton.  The plaza is well-maintained with 100 percent occupancy by long-term tenants, including Jiffy Lube, Subway and Express Car Wash.  The plaza has excellent visibility from US-441/State Road-7.

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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