NORTH MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a two-tenant net-leased retail property located in North Miami, FL, according to Kirk A. Felici, First Vice President/Regional Manager of the firm’s Miami office.
The asset, which includes T-Mobile and Smoothie King as tenants, commanded a sales price of $3,250,000.
Drew A. Kristol (middle right photo) and Kirk D. Olson (lower left photo), Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company headquartered in Miami Beach.
“This property received tremendous interest because it has little to no deferred maintenance, strong cash flow and minimal management responsibilities,” Kristol explained.
“The building is located on a square lot of almost an entire acre of commercial land in the heart of a dense retail section of Miami-Dade County. The Smoothie King space also benefits from a rare drive-through window on the north side of the property,”
The property was recently gut-renovated in 2010 for the two tenants, T-Mobile and Smoothie King. T-Mobile signed a new 7-year lease in 2011 and Smoothie King, backed by a multiple-unit franchisee, executed a 5-year lease. It is located on the northeast signalized corner of Biscayne Boulevard and Northeast 126th Street at 12605 Biscayne Boulevard in North Miami.
Press Contact:
Ashley Steele
Fort Lauderdale Office
954-245-3400
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