MIAMI BEACH, FL, April 9, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Bentley Bay Retail Condominiums (top left photo), three vacant retail spaces totaling 8,971 rentable square feet on Miami Beach’s South Beach, according to Kirk A. Felici (middle right photo), Vice President/Regional Manager of the firm’s Miami office.
The asset commanded a sales price of $3,185,000 or $399 per square foot.
Associate Vice President Investments Kirk Olson (lower left photo) and Senior Associate Drew Kristol in the firm’s Miami office had the exclusive listing to market the REO/lender-owned property on behalf of the seller, a Sunrise, Fla based bank. The buyer, a private investor from Miami, was also secured and represented by the listing agents.
“This listing was a great opportunity for an investor looking to build-out and rent the three retail spaces for cash-flow. The Buyer, an experience local investor, was specifically attracted to the waterfront location and potential marina rights,” says Kristol.
Bentley Bay Retail Condominiums are located at 520 West Avenue overlooking Biscayne Bay on Miami Beach. The retail condominiums were built in 2004 and are situated ideally with visibility from the I-395 Bridge. Included in the offering is almost 7,000 square feet of outdoor waterfront patio space and the rights to 70 valet spaces at the Bentley Bay.
Press Contact: Ashley Steele, (954) 245-3400
Are you going to be posting more? Love what you are doing and would like to see more especially the rooms of these stunning condominium building.
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