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| 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.”
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| 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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