Saturday, June 20, 2015

Marcus & Millichap Brokers Sale of 7,000-SF Retail Property in Miami Beach, FL for $3.3 Million


Drew A. Kristol
MIAMI BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of  a vacant 7,000-square foot commercial space in Miami Beach. The asset sold for $3,276,000.

Drew A. Kristol and Kirk D. Olson, vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Florida.  The purchasers are companies affiliated with Time Equities, Inc.  

“1019 5th Street is a rare retail property located on the busy 5th Street commercial corridor of South Beach that is ideal for retail, showroom or other tenants seeking visibility on busy 5th Street, the primary entry point into South Beach from Interstate 395 and Downtown Miami,” said Kristol.

On behalf of the purchaser, Max Pastor, Associate Director of Acquisitions and Senior Counsel at Time Equities, Inc. said, "We see this transaction as a value-add opportunity to acquire, re-tenant and reposition a quality asset in a premier market."

The property was recently renovated on the interior with new tile, drop ceilings and paint. It features a roll-up door on the northwest side of the property accessible to the alleyway which is very useful for moving equipment or merchandise in and out of the rear of the building.

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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