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| Douglas K. Mandel |
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 Chase Bank Building,
a 20,603 square foot office property located in Miami Beach, Fla. The asset
sold for $8,000,000 equating to $388 per square foot.
Douglas K. Mandel, a first vice present investments,
and Benjamin H. Silver, an associate vice president investments, in
Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to
market the property on behalf of the seller, a limited liability company from
Norfolk, VA.
The buyer, a private investor from Miami Beach, was secured
and represented by Jamie Medress, a senior vice president investments
and Mark Ruble, a first vice president investments, in Marcus &
Millichap’s Phoenix, AZ office.
“The Chase Bank Building was a highly sought after deal that
received tremendous interest from investors across the country,” says Silver.
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| Benjamin H. Silver |
“We generated dozens
of offers at list price or higher within only a couple of weeks from going to
market. Ultimately we went with an offer $800,000 above list price with no due
diligence period and a 10-day close.”
The property is a
two tenant mixed-use property comprised of 20,603 rentable square feet. The
ground floor retail space is occupied by Chase Bank and the second floor is
built-to-suit office space occupied by the United States Social Security
Administration. The property also contains Chase Bank drive through lanes to
the east.
It is located at a hard corner signalized intersection and
is extremely visible to the high volume of north/south traffic on Alton Road
and east west traffic on Dade Boulevard at 1801 Alton Road in South Beach,
FL.
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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