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| Alex Zylberglait |
MEDLEY, 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 the LKQ Portfolio, a three-property, approximately 1,300,000-square-foot
triple-net-leased portfolio in Medley, a town in western Miami-Dade County,
Fla.
The sales price is $17,300,000. Alex Zylberglait, first
vice president investments, and Joseph Phelps, associate, both in Marcus
& Millichap’s Miami office, represented the seller, a private investor. The
buyer is Gramercy Property Trust.
“The
properties in the portfolio combine to be the largest auto salvage business in
Miami-Dade County,” says Zylberglait. “They have been operated as auto salvage
facilities for more than 40 years.” “New properties that permit this use face
updated restrictions from the county,” adds Phelps.
The
properties are located off the Palmetto Expressway at 8100 NW 74th St., 8130 NW
74th St. and 9800 NW South River Drive in Medley, Fla. in an area with a
concentration of similar businesses.
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| Joseph Phelps |
Two of the properties, 8100 NW 74th St. and 9800 NW South
River Drive, operate as “Pick Your Part” salvage yards and 8130 NW 74th Ave. is
a car and metal recycling facility.
There is a 13,130-square-foot structure at 8100 NW 74th
Street that serves as the entrance to the yard and a similar, 3,950-square-foot
building at 9800 NW South River Drive.
A 10,000-square-foot
two-story building at 8130 NW 74th St. is the administration office for the
businesses. LKQ Corp. is a Fortune 500 company and the industry leader in the
sale of aftermarket and recycled auto parts.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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