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| Plaza Del Rey, Miami, FL |
MIAMI, 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 Plaza Del Rey, a
50,186-square-foot shopping center in Miami.
The $11,600,000
sales price equates to $231 per square foot.
Drew
A. Kristol and Kirk Olson, both vice presidents investments in
Marcus & Millichap’s Miami office, represented the seller, a Miami-based
LLC. Kristol and Olson also represented the buyer, another locally based LLC.
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| Drew A. Kristol |
“Situated
within a densely populated infill area in the heart of Miami-Dade County, Plaza
Del Rey has a diverse tenant mix, strong historical occupancy and solid cash
flow,” says Olson. “Our marketing
campaign produced multiple offers and the sale closed at list price.”
“The
Plaza De Rey transaction is a good indication of strong investor demand for
infill Miami-Dade shopping centers,” Olson concludes.
The
property is located on 4.5 acres at the corner of West Flagler Street and SW
102nd Avenue at 10000 West Flagler St. in Miami, one mile from Florida
International University.
A large-scale retail development known as Fountain
Square that features anchor tenants Target and Publix is underway across the
street. West Flagler Street is a six-lane retail corridor with traffic counts
of more than 40,000 vehicles per day. Florida State Road 836 and the Palmetto
Expressway are nearby.
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| Kirk Olson |
At the
time of the sale, Plaza Del Rey was 95 percent occupied. The center is anchored
by a 14,000-square-foot Navarro Discount Pharmacy. Other tenants include
Rent-A-Center, T-Mobile and Vicky Bakery.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
