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| Art Deco Market, 1435 Washington Avenue, South Miami Beach, FL |
MIAMI BEACH, 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 Deco Market, a
9,243-square foot mixed-use property located in Miami Beach, Fla. The asset
sold for $5,460,000.
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| Ronnie Issenberg |
Arthur D. Porosoff,
Ronnie Issenberg, Gabriel Britti, and Scott Sandelin, vice president
investments, and Alejandro D'Alba,
an associate, in Marcus & Millichap’s Miami office, represented the seller,
a limited liability company from Miami, and the buyer, a private investor from
Miami.
“This was a tremendous opportunity to purchase a property
with in-place cash flow and continue to operate it with minimal management of
the retail portion and run the residential units as yearly apartments or short
term rentals,” says Sandelin.
“Washington Avenue has long been the most neglected street
in South Beach.
"With record breaking prices on the other main corridors of
Alton, Lincoln and Collins, along with the prospects of a zoning density
increase for the east side of the street, Washington Avenue has become a
desirable target for investors that are looking to get into this market,” adds
Issenberg.
The building is comprised of a 6,394-square foot retail
space and nine apartments totaling 2,929 square feet. The retail portion is
currently leased to Art Deco Market, a staple in the South Beach community.
Deco Market is located at 1435 Washington Avenue in Miami Beach, Fla.
For a complete copy
of the company’s news release, please contact:
Kirk A. Felici
First Vice President/District Manager
Miami, FL
(786) 522-7000
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