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| Chevron gas station, 10 NW 167th Street, North Miami Beach, FL |
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| Jonathan Gerszberg |
NORTH MIAMI BEACH, FL, April 7, 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 of 10 NW 167th Street, a 4,544-square foot
net-leased Chevron gas station located in North Miami Beach, Fla.
The asset sold for $1,345,750 representing a
7.43 percent CAP rate.
Jonathan Gerszberg,
an associate vice president investments, and Andy Charry, an associate, in Marcus & Millichap’s Miami
office, represented the buyer, a private investor and operator.
“We recently sold a nearby retail center for the buyer and
he used the proceeds to purchase this property.
"He has a vision for improving the property, and has already signed a new
tenant, Metro PCS, and plans to establish a Crunchy Chicken eatery at the gas
station,” says Charry.
Situated at a signalized intersection with excellent east
and west bound ingress and egress access, the fully operational Chevron gas
station is located at 10 NW 167 Street in North Miami Beach, Fla.
For a complete copy
of the company’s news release, please contact:
Kirk A. Felici
First Vice President/Regional Manager, Miami
(786) 522-7000
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