Tuesday, January 15, 2013

Marcus & Millichap Sells office depot in Miami, FL for $6.59 million



Office Depot, Miami, FL
MIAMI, FL, Jan. 15, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 24,894-square foot Office Depot located near Miami International Airport in Miami, FL. The asset commanded a sales price of $6,590,000.

Senior Associate Scott C. Sandelin in Marcus & Millichap’s Miami office had the exclusive listing to market the property on behalf of the seller, a REIT based in NY.  The buyer, a limited liability company from Canada, was also secured and represented by Sandelin.

Scott Sandelin
Office Depot is strategically located at the entrance to the Miami International Airport and caters to the many businesses in the area. 

Office Depot signed a new 10-year, corporate guaranteed, triple-net lease in September 2008 which runs through September 2018. The rent will increase by 10 percent in October of 2013.

Subsequently, there are four five-year options to renew, with 10 percent rent increases in each option period.  The property is located at 3600 LeJeune Road in Miami.

Press Contact:

 Kirk A. Felici
First Vice President/Regional Manager,
 Miami
(786) 522-7000

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