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| Arthur D. Porosoff |
MIAMI BEACH, FL, June 10, 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 a Firehouse Subs, a 3,265-square foot
net-leased property located in Miami Beach. The asset sold for $2,500,000
representing $766 per square foot.
Arthur D. Porosoff and Ronnie Issenberg, vice president investments, Gabriel Britti and Scott C.
Sandelin, associate vice president investments, and Alejandro D'Alba, an associate, 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 was a limited liability company from Coral Gables, Fla.
“Firehouse Subs opened this past spring. The current lease
has three percent annual increments and provides strong fundamental real estate
in a high-barrier of entry market,” says Britti.
“The City of Miami Beach has been discussing increasing the
buildable square footage to the east side of Washington Avenue. The city's plan
is to attract new hospitality developments, which in turn will continue driving
retail rates northward,” adds Issenberg.
Firehouse Subs is located at 1429 Washington Avenue in Miami
Beach.
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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