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