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| Brian L. Rosen |
MIAMI BEACH, FL – Marcus & Millichap NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of IHOP, a 2,470 square-foot
net-leased restaurant located in Miami Beach, Fla, according to Ryan Nee,
regional manager of the firm’s Fort Lauderdale office. The asset sold for
$3,300,000 equating to $1,336 per square foot.
Brian L. Rosen, a senior associate in Marcus &
Millichap’s Fort Lauderdale office, had the exclusive listing to market the
property on behalf of the seller, a private investor from Miami, Fla.
The buyer, a private investor from Woodmere, NY, was secured
and represented by Richard Nardi, an associate in Marcus &
Millichap’s Manhattan office.
“IHOP has been at this location since 1965. In 2008 the
tenant renovated the restaurant and executed a 15-year absolute triple-net
lease, demonstrating its commitment to the site,” says Rosen.
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| Richard Nardi |
“The buyer was attracted to the property’s historic record
of high sales and its location in a dense, maturing market of Miami Beach. This
IHOP is also managed and guaranteed by one of the largest IHOP franchisees,
which operates and licenses over 150 IHOP restaurants in Florida and Georgia,”
adds Nardi.
Located at 6928 Collins Avenue in Miami Beach, Fla, IHOP
spans Harding and Collins Avenues.
Surrounding retailers include: Publix, Chase Bank and Canyon Ranch Hotel
& Spa.
For a complete copy
of the company’s news release, please contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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