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| Ronnie Issenberg |
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, today announced the sale of the fee-simple interest
in Cité Retail Shops and Land, 17,897 square feet of retail space
located at the base of a six-story Miami condominium building as well as 7,850
square feet (0.18 acres) of developable land.
The asset sold for $10,000,000.
Ronnie Issenberg and Gabriel Britti, vice
president investments, in Marcus & Millichap’s Miami office, represented
the buyer, a limited liability company from New York City.
“The buyer was attracted to the rare opportunity to purchase
prime retail real estate as well as a highly coveted development site located
on one of the highest profile corridors in South Florida,” says Issenberg.
“Whereas most local investors shy away from having to deal
with mixed-use associations, our client, who owns numerous mixed-use properties
in Manhattan, finds value in owning multiple ground floor condo units,” adds
Britti. “He can manage the property using a larger economy of scale and shift
tenants to different units in the property, based on their needs.”
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| Gabriel Britti |
The retail space is 96 percent leased to Citibank, The Daily
Creative Food Co. and seven other popular retailers. The 0.18 acres of
developable land has 75 feet of frontage along NE 20th Terrace and is zoned to
allow up to 500 units per acre and a maximum height of 36 stories.
The property is located at 2001 Biscayne Boulevard,
surrounded by Miami’s trendiest neighborhoods including Midtown and the Design
District to the north, Downtown and Brickell to the south and Miami Beach on
the east.
For a complete copy of the company’s news release, please
contact:
Kirk Felici
First Vice President/Regional Manager
Miami, FL
(786) 522-7000
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