Wednesday, June 24, 2015

Marcus & Millichap arranges sale of cvs plaza at coral way in miami for $6.45 million



Kirk D. Olson
MIAMI,FL,  June 24, 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 CVS Plaza at Coral Way, an 18,214-square foot neighborhood shopping center located in Miami. The asset sold for $6,450,000.

Kirk D. Olson and Drew A. Kristol, vice president investments, and Jonathan Gerszberg, an associate vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami. 

The buyer, a limited liability company from Miami Springs, Fla., was secured and represented by Jonathan De La Rosa, an associate, and Scott C. Sandelin, an associate vice president investments, also in Marcus & Millichap’s Miami office. 

“This was a rare opportunity to acquire a fully-occupied center with 65 percent of its tenants operating from the location for more than 10 years,” says Kristol. “The property has excellent curb appeal and sits in a growing retail corridor of west Miami Dade County.”

Drew Kristol
“This sale is a testament to the strength of the 1031 exchange market which is one of the main factors driving the high velocity for retail properties in Miami,” adds De La Rosa. 

“The buyer was attracted to the property’s diverse tenant mix and location next to a CVS that will provide long-term stability.”  

Located at 2411 SW 147th Avenue, the center is situated on the northeast corner of SW 26th Street (Coral Way) and SW 147th Avenue. 

The property is shadow anchored by a free-standing CVS Pharmacy building which sits on the hard corner and was not included in the sale.

CVS Plaza at Coral Way was developed in 2004 and remains in very good condition with no deferred maintenance. 

The center is 100 percent occupied, with a good blend of local tenants, including a restaurant, preschool and medical center. The property sits on 2.17 acres of land and has abundant parking and excellent visibility to SW 147th Avenue.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici
First Vice President/District Manager, Miami

(786) 522-7000

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