Wednesday, March 25, 2015

Marcus & Millichap Arranges Sale and Leaseback of Quarterdeck Seafood Bar & Neighborhood Grill in Davie, FL


Quarterdeck Seafood Bar & Neighborhood Grill,
3155 South University Drive, Davie, FL

Scott C. Sandelin
DAVIE, FL, March 25, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale-leaseback of Quarterdeck Seafood Bar & Neighborhood Grill, a 5,500-square foot net-leased restaurant located in Davie, Fla.

The asset sold for the list price of $2,087,000 which represents a 5.75 cap rate for the investors.

Scott C. Sandelin, an associate vice president investments, and Edward Romo, an associate, in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Fort Lauderdale, Fla, and the buyer, a limited liability company from Aventura, Fla.

“The sale-leaseback structure of this investment provided an investor with the opportunity to own a property with strong real estate fundamentals and low rent, occupied by a tenant with a 16-year operating history at the location,” says Sandelin.

Edward Romo
“The buyer will benefit from a new 15-year lease, with increases every five years for the life of the lease and upon commencement of each option period.”

This low cap rate sale is another strong indicator of the limitless demand for quality South Florida investment real estate assets.

Located at 3155 South University Drive, Quarterdeck is directly across from the 314-acre Nova Southeastern University campus with 27,000 students. The Quarterdeck has operated from this location since it was established in 1999.

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

No comments:

Post a Comment