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| Ronnie Issenberg |
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 a 7,344 square-foot, triple-net leased property branded by Chevron
in Miami Beach, Fla.
The asset sold for $5,050,000 representing $688 per square
foot and a 7.1% CAP rate.
Ronnie Issenberg, a vice president investments, and Scott
C. Sandelin and Gabriel Britti, associate vice president
investments, in Marcus & Millichap’s Miami office, had the exclusive
listing to market the property on behalf of the seller, a private investor from
Sunny Isles, Fla.
Issenberg, Sandelin and Britti also secured the buyer, a
limited liability company from Bay Harbor Islands, Fla.
One-hundred percent leased to a one-unit operator and
branded by Chevron, the tenant has seven years remaining on an absolute
triple-net lease. The offering consisted of the service station, convenience
store, U-Haul truck rental facility (situated on the adjacent parking lot) and
second floor rental apartment units.
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| Scott C. Sandelin |
“The North Beach business district has long been ignored and
considered by investors as a dead area. The strong interest in this asset from
the investor community marks a distinct change in the attitude towards this
potential up and coming area,” says Sandelin.
“Due to its strategic location along Harding Avenue, a main
south bound corridor leading directly to South Beach, the tenant enjoys considerably
high margins, strong U-Haul rental rates and 100 percent occupied apartments,”
adds Issenberg.
The property is located at 401 71st Street in Miami Beach,
FL.
For a complete copy
of the company’s news release, please contact:
Kirk A. Felici
First Vice President/Regional Manager
Miami, FL
(786) 522-7000
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