Wednesday, March 29, 2017

Marcus & Millichap Arranges $2.92 Million Sale of 12,718-SF Shops at Vero Beach in Vero Beach, FL

Lori Schneider

Barry M. Wolfe

VERO BEACH, FL, March 29, 2017 – 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 Shops at Vero Beach, a 12,718-square foot retail property located in Vero Beach, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $2,920,000.

Lori Schneider, Senior Managing Director Investments, Barry M. Wolfe, Senior Vice President Investments, David E. Gant, Senior Associate, and Alan Lipsky, Associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Reuven Kahane.

 The buyer, a limited liability company, was secured and represented by Nicholas Ledvora, CCIM, Vice President Investments, in Marcus & Millichap’s Tampa office. 

Shops at Vero Beach is located at 6480 20th Street in Vero Beach, FL. This acquisition marked the second of two 1031 exchange properties acquired by the buyer. The property was 100 percent leased at the time of sale. 

With only three tenants, the property presented an opportunity for the buyer to acquire an asset with ease of management in an exceptional, high-growth location. The property is well-positioned on a primary retail corridor. It is an out-parcel to the 736,000 square-foot Indian River Mall anchored by Macy’s, Dillard’s, JCPenney and Sears.

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

Ryan Nee
Vice President / Regional Manager,
 Fort Lauderdale, FL

(954) 245-3400

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