Essex Shopping Center, Hialeah, FL
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| Drew Kristol |
HIALEAH, FL, June 10, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of Essex Shopping Center, a
75,592-square foot retail strip in Hialeah, Fla. The $11,750,000 sales price
equates to $155 per square foot.
Vice
presidents investments Alex Zylberglait, Drew Kristol and Kirk Olson,
all in Marcus & Millichap’s Miami office, represented the seller, a private
investment group based in Miami.
 |
| Kirk Olson |
Arthur Porosoff, an associate vice president
investments and Jorge Ruiz, an associate, both also in the firm’s Miami
office, represented the buyer, another Miami-based investment group.
“Investors are increasing their focus on Hialeah due to the submarket’s
low vacancy rate and strong population density,” says Zylberglait. “Essex
Shopping Center provides the new owner with an opportunity to earn an
exceptionally strong immediate return.”
 |
| Alex Zylberglait |
“Hialeah is one of Miami-Dade County’s significant retail
submarkets and this shopping strip is ideally located on a signalized corner,”
adds Olson. “The center provides a great opportunity to reposition through
modernization of the façade and increasing rents on several tenants that are
currently paying below market rate rents.”
The property was built in 1948 on a perfectly square
5.23-acre lot at 435 Hialeah Drive on the hard corner of Hialeah Drive and East
4th Avenue in central Hialeah. Many national retailers including Walgreens,
McDonald’s, Dunkin’ Donuts, Wendy’s and Publix surround the location.
The major tenants at Essex Shopping Center are Payless
ShoeSource, GNC, Advance America and Sunshine Citgo.
For a complete
copy of the company’s news release, please contact:
Ben Johnson
Marketing Director
(925) 953-1736
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