Saturday, May 16, 2015

Deco Market Sale of $5.46 Million in South Beach, FL Brokered by Marcus & Millichap


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.

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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